Revenue isn't profit, of course. Can definitely be in a situation where a company increases revenue but costs escalate faster and budget cuts are needed.
Yeah, that might be true, but it didn't look like they were cutting budgets anywhere else, and we never got an announcement that profits were down or below expectations. Entirely possible they just didn't want to announce that so brazenly though.
I'm a little surprised I did not quit at that point, and I do have some regrets on how I acted after the fact, but it really annoyed me that we just tolerate companies bragging about how much money they make, but then playing the victim whenever we point out that maybe that maybe that should be reflected in our wages.
----
FWIW, I do not think the manager was trying to mislead me. I think he was almost as blindsided as I was. I think it's a little bullshit that the executives making the unpopular decisions hide between middlemen so they can use the "don't shoot the messenger!" approach.