According to data released earlier today by the Interactive Advertising Bureau, online ad revenues were $3.9 billion in Q1 '06. Revenues were up 38% vs. a year ago and 6% vs. Q4 2005. So this is either continued strong growth or modest growth depending on how you frame it.
Source: PwC/IAB Internet Advertising Revenue Report (www.iab.net)
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Here's an analysis of Google and Yahoo!'s share of this by Tim Beyers at The Motley Fool and Detlev Johnson responding to that analysis at SEW.
Screenwerk 