2% growth from Q2 to Q3. Keep in mind that that’s a mix of contextual/search and display, and the former’s growth is more than certainly offsetting the latter’s drop. Assume flat growth for Q4, and we’re looking at a 2008 revenues total of $23.2 billion, a banner year and a 10% increase over 2007. But, if you’re inclined to pessimism, as is Henry Blodget, even that projection is too rosy.

Erick Schonfeld, covering online ad market trends over at TechCrunch, warns that the situation outside the U.S. is likely to be even more dire.

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