New York - Internet advertising revenues reached $5.8 billion in the first quarter of 2008, representing an 18.2% increase over the same period of 2007, according to data from the Internet Advertising Bureau and PricewaterhouseCoopers.

The figure is also the second-highest quarterly tally ever recorded, following the $5.9 billion recorded in the fourth quarter of 2007.

But despite staking its claim as the second-highest quarter ever, the Q1 total is also the first time in three years that Internet ad revenues experienced a quarter-to-quarter decline.

"The cyclical fourth quarter to first quarter drop in traditional media advertising spend, combined with an overall economic slowdown, resulted in a not so unexpected first quarter slowdown in the growth of online advertising," said David Silverman, partner, Assurance, PricewaterhouseCoopers.

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