Eg. A company looking to divest certain products or divisions would not be looking to increase revenue. A company looking to improve margins by eliminating low margin or even money losing products may not seek to improve revenue for a certain year.
And the increasing profitability part should be pretty obvious. The vast majority of startups that make it to the HN pages don’t even attempt to make a profit, never mind increasing it.
In case it’s worth stating, yes there are firms where these sort of simplistic impact statements make it into OKRs and leave much to the imagination about what real desirable outcomes are.
I just increased my revenue by $10 but decreased my profitability by $5. Now pretend that $10 was spent on ineffective advertising and sales, so I actually gave it to Google and my sales guy Bob, and $5 is the price I charged you.
Which usually falls under increasing revenues. Though I suppose there are user/eyeball driven cultures.
Revenue is, accounting-wise, orthogonal to capital investment. Hell, many definitions of profit are, too.