Gemstar-TV Guide (Nasdaq: GMST) reported that 1Q net income jumped about 300 percent to $34.4 million compared with net income of $8.6 million the previous year, though the company noted that the number includes $3.6 million from discontinued shares. Secondly, Gemstar posted consolidated revenues of $156.7 million, an increase of 9 percent versus 1Q06.

—In a prepared comment released before the after-market call, CEO Rich Battista touted its increased digital activity. Battista noted the April launch of its Online Video Guide, and this week’s debut of My TV Guide, a collection of personalized cross-platform guidance products.
—For the media networks segment, the company reported revenues decreased modestly to $47.6 million, a 2 percent slide compared to the prior year’s quarter. The revenue in the segment was
fueled by a $1 million increase at TVG Network, offset by declines of $1.7 million at TV Guide Channel and $0.8 million at Online Networks.

Updated from conference call: Online networks which consists of TVguide.com as well as a number of smaller recently acquired websites had revenues of $2 million, slightly lower than Q1 ‘06 due to advertising softness.

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