Yesterday, not only did a deal to merge break down between ValueClick (NASDAQ:VCLK) and aQuantive (NASDAQ:AQNT), but both companies also reported their first-quarter earnings. With the explosion in online advertising, the need for support services, consulting and technology solutions has likewise grown. And, of course, both ValueClick and Aquantive are leaders in the space.

First, let's take a look at ValueClick. In the first quarter, revenues surged from $51.4 million to $117.3 million. Then again, over the past year, the company acquired a variety of companies -- E-Babylon, Webclients, and Fastclick -- which helped boost the top line.

During this time, the company posted net income of $9.8 million, or $0.09 per share, which was up from $8.7 million, or $0.10 per share. The quarter included a $2.4 million expense for stock options. For the full year, the company expects revenue of $495 million to $505 million, which is up from its prior forecast of $490 million to $500 million. Earnings are expected to range from $0.46 to $0.48 per share.

As for aQuantive, it gave shareholders more to cheer about. In the first quarter, revenues increased 42% to $92.2 million. During this time, net income increased from $6.4 million, or $0.09 per share, to $7.6 million, or $0.10 per share. This was better than what the Street was expecting -- that is, revenue of $84.8 million and earnings of $0.06 per share.

aQuantive also surprised the Street on guidance. The company expects second-quarter earnings of $0.10 to $0.12 per share, with revenues ranging from $96 million to $100 million. Analysts pegged earnings at $0.10 and revenues at $95.5 million.

Despite the vigorous organic growth rates at ValueClick and aQuantive, the fact remains that consolidation is still a viable strategy. However, as these companies' revenue bases get larger, it is harder to find targets to "move the needle" in terms of overall top line and bottom line.

In other words, it makes sense that the next stage of consolidation is for the major players to merge. Something else to consider: These companies often broker purchases for advertisers from companies like Google (NASDAQ:GOOG), Yahoo! (NASDAQ:YHOO), and Microsoft (NASDAQ:MSFT). Thus, a merged ValueClick-aQuantive can have more scale when dealing with these Goliaths.

The problem? Well, a merger of ValueClick and aQuantive would essentially be a "merger of equals." Such deals are difficult to pull off. Often a big point of contention is control. Also, even if a deal is completed, there is always the possibility that one side of the firm feels that it is in a subservient position. In a fast-growing market -- where talented people are critical -- this can be destructive. So, while a merger of ValueClick and aQuantive makes sense on paper, they may have realized that making it work is too risky.

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Fool contributor Tom Taulli does not own shares of companies mentioned in this article.