Riverbed Technology's (UNKNOWN:RVBD.DL) third-quarter results may not be as good as a recent rally in the stock suggests, Fool contributor Tim Beyers says in the following video.

Not that it was a bad report, per se. Overall revenue rose 20% to $262 million, resulting in $0.26 in adjusted earnings per share. Wall Street had set its targets $0.03 lower. Meanwhile, fourth-quarter guidance came in at $270 million to $276 million in revenue, and $0.26 to $0.27 in EPS. Analysts wanted 4283.7 million and $0.27, respectively, according to Reuters estimates.

Yet that's not the troubling part of the report, Tim says. What is? Product revenue, which grew just 6% year over year in the third quarter. A shift to consulting services and an increasing dependence on government contracts could be crimping Riverbed's long-term opportunity, Tim says.

Do you agree? What did you think of Riverbed's third-quarter report? Please watch the video to get Tim's full take and then leave a comment to let us know what you think.

Fool contributor Tim Beyers is a member of the Motley Fool Rule Breakers stock-picking team and the Motley Fool Supernova Odyssey I mission. He owned shares of Riverbed Technology at the time of publication. Check out Tim's web home and portfolio holdings or connect with him on Google+Tumblr, or Twitter, where he goes by @milehighfool. You can also get his insights delivered directly to your RSS reader.

The Motley Fool recommends Riverbed Technology. The Motley Fool owns shares of Riverbed Technology. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.