Shares of content delivery solutions provider, Limelight Networks, Inc. (Nasdaq: LLNW) soared as much as 32 percent from Monday’s closing price in morning trading on Tuesday after the company reported record fourth-quarter revenue, and a smaller-than-expected fourth quarter loss.

Shares rose as high as $8.56, up from Monday’s closing price of $6.46.

Fourth quarter revenue clocked in at $55.2 million, up 64 percent from the same quarter a year ago. The revenue growth was driven by a 200 percent increase in fourth quarter mobile revenue, a 150 percent increase in site and application acceleration service growth, and a 110 percent growth in the company’s online video platform. Revenue for 2010 increased 39 percent to $183.3 million, from $131.7 million in 2009.

“We believe that our globally distributed, high-performance computing platform, and the solutions that run on it, are unique within the technology industry, positioning us well for continued growth and market share gains in 2011,” said Limelight Networks’ chairman and CEO, Jeff Lunsford in a statement.

Limelight expects first quarter revenue to be in the range of $48.0-$49.5 million and full year revenue to increase 15 percent to 20 percent over 2010 reported revenue.

Wedbush Equity Research analyst Kerry Rice noted that the company saw growth in its core content delivery network, which helps websites run faster and gives companies like Netflix, Inc. (Nasdaq: NFLX) the technology to stream movies, as well as value-added services. That could put Limelight ahead of schedule to meet its goal of generating $400 million in revenue and a 33 percent profit margin before interest, tax, depreciation and amortization by 2014, Rice said. He stood by his rating of “Outperform” and his $8 price target.

“We believe management has delivered on its promises over the last several quarters, which has improved the performance and perception of Limelight,” he wrote in a note to clients.

Rice also revised his fiscal 2011 forecast, predicting more revenue on smaller earnings. He estimates that Limelight will lose 3 cents per share on $215 million in revenue for the full year. Previously, he said it would earn 2 cents per share on $212 million in revenue for the year.

Shares of Limelight Networks are up about 23 percent in the past three months.