Search-engine advertising is getting all the investor attention -- but regular online advertising may be getting more of the growth. That's an interesting conclusion from Yahoo!'s ( YHOO) earnings report Tuesday -- one that's drawn by several of the analysts who follow the Internet advertising company. The growth in branded advertising doesn't exactly signal the death of paid search. But the quarter's numbers do speak well to Yahoo!'s diversified revenue streams in a world where Google ( GOOG) -- a nearly pure play on paid search and text-based advertising -- has enjoyed phenomenal stock growth over the past five months. Yahoo!'s shares, which traded as low as $20.57 last March, rose 28 cents to $37.46 Wednesday. Google, which went public in August at $85 a share and hit a new high of $205.30 Tuesday, fell $3.05 to trade at $200.85. At issue is the relative strength of what's known as search-engine advertising -- for the most part, text ads that pop up in search results, keyed to the words that users type in -- as opposed to branded advertising, or the pictorial ads that range from simple banners to audio-video extravaganzas that take over a page. While Yahoo! doesn't break out separate numbers for search advertising vs. banner ads, the company does drop enough hints and factoids for analysts to estimate the relative performance of each. And while numbers may vary from analyst to analyst, several called attention to stronger sequential growth -- that is, from the third quarter of 2004 to the fourth quarter of 2004 -- for branded advertising than for search. Goldman Sachs' Anthony Noto, for example, calculated that paid search revenue grew 16% from the third quarter to the fourth, while non-search branded advertising grew 25% in the same time period.