Even Search Not Immune to Financial Malaise

There's no reason to believe search-engine spend has significantly slowed. Several search-engine-marketing companies surveyed last week said they didn't notice any reduction in third-quarter search-ad spending.

On a same-advertiser, quarter-over-quarter or year-over-year basis, "we're seeing increased spending levels across the engines," said Roger Barnette, CEO of SearchIgnite, a search-technology company that helps big marketers track search spending. Earlier in the week, Peter Hershberg of Reprise Media and Steve Lagnado from Didit Search Marketing told J.P. Morgan analyst Imran Khan they hadn't seen a slowdown in spending either.

"It's either because the return [advertisers] are getting from search is still superior, or ... their search spend is more profitable than other forms of media," Mr. Barnette said.

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