Who can that attractive Web traffic analyzer be? It's WebSideStory (NASDAQ:WSSI), of course! The upstart data miner, which analyzes Web traffic data to optimize ad delivery based on customer traffic patterns, just reported a quarter of humdrum GAAP revenue ($13.4 million) and downright alarming earnings (a $0.09 loss per diluted share), but the part that's fizzy and funny and fine is the growth story.

WebSideStory grew full-year revenues by 38.2% in 2004 and then raised the bar to 74.6% in 2005. This quarter brought a 93% revenue jump over the comparable year-ago period. It's true that the company is coming up against some tougher comparisons with very successful quarters, but that's the nature of the game for a bottle rocket like WebSideStory. Management raised guidance but stayed conservative, forecasting 59% to 64% GAAP revenue growth for the full year. However, it might be worth bearing in mind that actual results tend to come in at the high end of this company's guidance.

My nerves are also soothed by knowing that simply not increasing marketing expenses at the current pace would most likely bring GAAP net income out of the red and into the black, anytime the company so chooses. Sales and marketing nearly doubled, $5.9 million this quarter compared with $3 million last year. That difference covers the $1.7 million loss and then some. But the pedal remains pressed to the metal, because that is what's driving the dizzying revenue growth. And that's OK by me.

WebSideStory is signing up new clients like nobody's business, despite direct competition with focused operations like aQuantive (NASDAQ:AQNT) as well as with divisions of some positively huge companies. Examples include Amazon.com's (NASDAQ:AMZN) Alexa, Yahoo! (NASDAQ:YHOO) Search Marketing, and even Google (NASDAQ:GOOG) AdWords, AdSense, and Analytics.

Having phenomenal success in the face of such formidable opposition -- despite limited resources -- is what makes WebSideStory a Rule Breaker, in spirit if not in anointed status. This company seems to have a steady finger on the pulse of major advertisers and the consumers they target, and it would not surprise me to see one of the larger players in the expanding online advertising market making an offer for the whole enchilada. That's what sometimes happens when you're loved by a pretty wonderful competitor. And if not, we're still looking at the early stages of what looks like a great growth story.

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Fool contributor Anders Bylund uses Google and Yahoo! a lot, but he doesn't own any stock in the companies discussed today. You may be well-bred and mature, but you're out of your mind if you don't respect the Foolish disclosure policy.