Seeking Alpha has posted a transcript of ValueClick’s second quarter 2008 financial results conference call. Here is what CEO Tom Vadnais had to say about Commission Junction and it’s growth over the past quarter.

ValueClick, Inc. Q2 2008 Earnings Call Transcript

“Affiliate marketing revenue grew 10% in the quarter which was in line with our expectations as Commission Junction continues to take market share. In June CJ demonstrated that it continues to be the affiliate marketing solution of choice for the largest online U.S. retailers. 53% of the 2008 internet retailer top 500 using affiliate marketing providers work with CJ which is more than all other competing vendors combined. CJ has seven of the top ten including Newegg, Staples, Apple, Dell, HP, QVC and Best Buy.

In Europe the competitive landscape has stabilized and our CJ business in Europe grew sequentially and year-over-year in the second quarter. In media affiliate marketing experienced a softening top line as the quarter progressed. More than 70% of CJ’s business is in the retail vertical which is driven by consumer spending. A recent industry report shows that e-commerce year-over-year growth rates have decelerated from 18% in December 2007 to 11% in June 2008.

The technology segment again had another record quarter for revenue, profit and deals signed. Revenues grew 30% and segment operating income has grown 53% year-over-year. The trends we saw in Q1 continued in Q2 and we believe we are taking market share in this segment.”