I disagree. It's a terrible way to run a company, but a good way to make money. Shareholder revenue isn't a mark of success, it's merely a mark of making money. Shareholders care about their returns, not the success of the company. It's a subtle difference, but it's there.
For example, Rolex, and therefore most of the modern mechanical watchemakers, wouldn't be here today if they'd relied on listening to the shareholders. You can't have a decent long term plan post-yuppie boom.