ValueClick Inc. shares rose Wednesday, a day after the Internet advertising company reported earnings that were nearly double Wall Street expectations.

After the Tuesday markets closed, the Westlake Village provider of online advertising campaigns and programs reported fourth quarter net income of nearly $21.1 million (26 cents per share), compared with $15.5 million (18 cents) a year earlier. Revenue rose 17 percent to nearly $129 million.

Adjusting for one-time items, the company earned 31 cents a share. Wall Street analysts on average were expecting adjusted per-share profit of 17 cents on revenue of less than $108 million.

For the current quarter, ValueClick expects adjusted per-share profit of 21 to 22 cents on revenue of $111 million to $113 million. The Wall Street consensus is for adjusted per-share profit of 17 cents on less than $108 million in revenue.

“Our momentum in the quarter is setting the tone for 2011, and we remain confident in our ability to capitalize on our industry’s growth opportunities,” Chief Executive Jim Zarley said in a statement.

Shares closed up 10 percent to $16.29 in Wednesday trading on the Nasdaq.