Google's strong financial results for 2Q08 - including 27 percent growth in net US advertising revenues - is an indication that Google, Yahoo and MSN would continue to show positive results for all of 2008, despite economic turmoil in the US, eMarketer forecasts (via MarketingCharts).

In 2008, the top four portals are projected to record 16.2 percent net growth (i.e., after traffic-acquisition costs) in online advertising - together accounting for more than $14 billion for the year.

Google's online ad revenue is projected to grow 27.4 percent in 2008, surpassing $7.6 billion - as well as the combined net online ad revenues of its three closest competitors.

"Even as Google's main expansion continues to shift outside the States, with net international advertising revenues expected to rise by 51.2 percent in 2008, the US growth rate is far from a downturn," noted eMarketer senior analyst David Hallerman. "The continued power of paid search advertising is key here."

"At the same time, even as Google's main competitors - Yahoo, MSN and AOL - take in smaller shares of the entire US Internet ad market, their overall importance means that 25.7 percent of all US online ad dollars will flow through those three portals, in contrast to 30.7 percent for Google alone," Hallerman added.

Growth at Yahoo is expected to be at 8.2 percent in 2008, down from nearly 12 percent in 2007.

Meanwhile, even as MSN's net revenue growth in the US reached 22.6 percent in 2007, it is expected to drop to 14.3 percent with net profits down due to its costs for getting that revenue.