Riverbed Technology's (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.