A new AOL Inc. 10-K filing with the SEC today revealed the company is warning shareholders it expects lower than expected advertising revenue in 2010 from its online web properties.

AOL confirmed via the filing that total advertising revenue in Q1 2010 will be lower than Q1 2009.

The company attributed the decline in advertising revenue in both 2008 and 2009 as a direct casualty of the global financial crisis.

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Jerry Yang spoke in front of more than 1,000 people at the Web 2.0 Summit in San Fransisco where he provided his commentary about the last year and also expressed he and the Yahoo board of directors never at any point had any regrets concerning the failed acquisition with Microsoft. Yang also says that he went back to Steve Ballmer (CEO of Microsoft) to re-interest MS though to no avail. Yang has confirmed Yahoo is not in any direct acquisition talks with Microsoft and he notably refused to comment about a possible acquisition with AOL. We can expect Microsoft’s interest to re-open assuming serious talks develop with AOL. Most importantly, Yang went on to say “to this day, I’d say the best thing for Microsoft to do is buy Yahoo,” and he added: “We’re willing to sell the company.” Very interesting. Yang has been very heavily criticized (probably rightfully so) for not accepting the Microsoft acquisition bid for about $33 per share, considering Yahoo stock is now trading at about $12 and it isn’t expect to recover to $33 anytime soon. In more recent news, Yang also expressed disappointment towards Google who recently dropped the Yahoo ad partnership after antitrust concerns from the US Justice Department and strong critisism from various corporate opponents including Microsoft. Complete information from the Web 2.0 Summit can be found here.