It doesn't necessarily bode the online meltdown some news site are reporting, but AOL is definitely having problems finding advertisers.

The company, which is a possible buy-out target for Yahoo, has reported a 6% drop off in its ad revenue for the third quarter of 2008.

For the previous quarter, AOL did manage 2% growth but there are already concerns that the results for the final three months of the year may be follow on from Q3 with an even greater drop-off.

As All Things Digital reports, "These results cover the three-month period that ended 30 September, which only included a couple weeks of flat-out economic collapse, [so] there will be worse news in store for the last quarter of the year".

AOL's total revenue for the period fell 17%, which owner Time Warner attributed to its declining subscription business.