Stock compensation charges hurt second-quarter profit at Akamai Technologies (AKAM), but the company beat analysts' expectations as revenue rose 56%.

Following the announcement late Wednesday, shares of Akamai recently rose more than 10% to $33.15 in after-hours trading on Instinet.

The Web services company said net income for the quarter ended June 30 fell to $11.3 million, or 7 cents a share, from $15.9 million, or 11 cents a share.

Excluding items, Akamai earned $35.8 million, or 20 cents a share, beating Thomson First Call's analyst survey consensus estimate of 18 cents a share.

Revenue of $100.6 million beat the First Call estimate of $94.7 million.

Akamai said the number of customers under long-term services contracts at the end of the second quarter increased by 79 to a record 2,060, a 4% sequential increase from the first quarter 2006, and a 19% rise from a year earlier.

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