According to documents posted at Time Warner, AOL’s ad business looked like this:

Total ad revenues for 2007 – $2.2B, up 18%.
Domestic ad revenues minus revenues shared back to partners (ex-TAC) – $1.4B, up 12%.

Total Q4 ad revenues – $620M, up 10%
Q4 ex-TAC revenues – $375M,up 4% year to year and 14% sequentially

It looks like AOL underperformed the US online ad market in 2007 — Jupiter has 2007 growth across all formats, types, and categories at 21% to $19.97B. It also looks like AOL has at least tuned up — if not fixed — its Q3 problems. But that’s not a particularly inspiring Q4. I’m typing this up because MSM doesn’t seem to be doing so as they write up the earnings call.