That sentence doesn't read like that to me. Their search market share is 18.2% and is not a growth number. Advertising grew 34% from some unspecified base.
Google's CPC in their third quarter 2013 was down 4%. If the ratio holds then a 34% increase in revenue would translate into a 2.9% decrease in CPC. Of course that assumes they are trading traffic 1:1. Hence my curiosity. Google will announce in a couple of weeks and we'll get to see.