[robertlagrant]

A stock split doesn't increase anything. E.g. they might double the number of shares, but each share becomes worth half as much.

Issuing more shares only works if there's a reason to believe the underlying value has increased. No one will buy shares in a company that keeps on devaluing its shareholders' existing holdings.

Compensation via share options isn't revenue, and I can't see how it's anything like revenue. They've just set aside a percentage of the business to be issued to employees. They haven't gained money. Yes that might mean they can save a little on junior salaries for employees who don't know that options don't mean much, but that's not revenue either.