Usually, yes it counts as a lookup.  

We do our best to provide the best information available regarding the CallerID name associated with the incoming phone number.  However, we're not perfect :).   There is a cost with each lookup, so even if it's not correct, it will count towards one of your lookups.  

If the carrier returns no information at all for the CallerID name, then it will not show up as a lookup (will count as a failed lookup) and will not count as a lookup.