UPDATE 3-Akamai calls Street's view on 2011 "conservative"

* Says Street's view on 2011 "conservative"

* Sees Q4 rev $272 mln-$285 mln, market expected $275 mln

* Q3 revenue $254 mln vs Wall St view of $250 mln

* Q3 EPS ex-items $0.34, a penny above market view

* Shares up 3.4 pct after hours (Adds analyst's comments, byline)

By Ritsuko Ando

NEW YORK, Oct 27 (Reuters) - Internet content delivery company Akamai Technologies Inc (AKAM.O) said sales in 2011 would likely exceed Wall Street's forecasts due to the growing popularity of online entertainment and shopping services, sending the shares up 3.4 percent in after-hours trading.

Akamai also reported solid growth for the third quarter and gave an upbeat outlook for the last three months of this year, as more media companies and retailers seek its help in setting up online services.

The company expects fourth-quarter revenue of $272 million to $285 million. The midpoint of that range exceeded the market's average forecast of $275 million, according to Thomson Reuters I/B/E/S.

Akamai's technology allows media companies to deliver online services by navigating less-congested routes over the Web; its customers include Apple Inc (AAPL.O) and Netflix Inc (NFLX.O). Its services are particularly crucial for media companies offering high-definition (HD) video online.

The company has also been diversifying beyond media, helping retailers and travel companies set up online businesses. Most people who have downloaded music or booked flights online have used Akamai's technology.

The company did not give a specific forecast for 2011, but called the market's expectations "conservative." Analysts on average expect revenue next year to rise to around $1.16 billion from $1.01 billion this year.

"We do believe that the current street consensus I see of 15 percent top-line growth is probably a conservative estimate," Chief Financial Officer J.D. Sherman said on a conference call.

Akamai has managed to grow despite the economic downturn as companies sought its help in building more sophisticated websites, but analysts said Akamai's recent expansion into e-commerce and advertising services meant it was becoming more exposed to general business conditions.

Wedbush Securities analyst Kerry Rice said this trend should work in its favor as the U.S. economy shows stronger signs of recovery starting "Black Friday," the day after Thanksgiving when the holiday season traditionally begins.

"We'll have to see how holiday shopping turns out to be. If we have a very strong Black Friday, you could see the stock move higher," he said.

"They're fundamentally very well positioned in general trends. We're getting higher quality content, in HD video, and then we're also seeing more dollars of consumer spending online and we're seeing more online advertising."

Third-quarter revenue rose 23 percent from a year earlier to $254 million. Analysts expected $250 million, according to Thomson Reuters I/B/E/S.

Quarterly net profit rose to $40 million, or 21 cents per share, from $33 million, or 18 cents a share, a year earlier. Excluding items such as costs related to stock-based compensation, earnings per share was 34 cents, a penny above the average forecast on Wall Street.

The shares rose to $52.11 after-hours, extending gains after closing 3.58 percent higher at $50.39. (Reporting by Ritsuko Ando; editing by Phil Berlowitz and Andre Grenon)