????科技行業(yè)的核心就是創(chuàng)新。今天的科技巨頭們之所以獲得了成功，就是因為他們創(chuàng)造了昨天的新事物。而另一方面，在這個行業(yè)，新技術(shù)老化的速度比其它大多數(shù)行業(yè)都要快。因此，哪怕是一些十幾年前就主宰了科技業(yè)的企業(yè)，可能也會迅速老化。

????英特爾（Intel）、微軟（Microsoft）、IBM等科技巨頭于上周發(fā)布了2013年第一季度財報，它們就給大家留下了這樣的印象。盡管各個公司的業(yè)績和投資者的反應(yīng)各不相同，但是可以看出，三家公司有一個共同點，那就是它們都在一邊推進云計算等新的朝陽領(lǐng)域，一邊也都在努力阻止老業(yè)務(wù)的下滑。

????其中最明顯的例子就是IBM。上周，IBM發(fā)布了第一季度收益報表后，股價至今已經(jīng)下跌了9.3%。IBM是一家擁有101年歷史的老店了。2004年，IBM為了進軍利潤更高的軟件和IT服務(wù)領(lǐng)域，將PC業(yè)務(wù)打包出售。自從那時起，IBM的增長勢頭使它的股票成為了科技投資者眼中的寵兒。

????即便如此，IBM仍然面臨著業(yè)務(wù)老化的問題。上季度IBM的收益為234億美元，比去年同期下跌了5%，同時也低于分析師的預(yù)測。其中最主要的問題出在硬件上，因為包括基于x86架構(gòu)的服務(wù)器在內(nèi)的硬件（如PC等）已經(jīng)成了低利潤產(chǎn)品。有報告指出，IBM可能會把它的x86服務(wù)器業(yè)務(wù)賣給聯(lián)想（Lenovo）。早在2004年，IBM便把它的PC業(yè)務(wù)出售給了這家公司。

????IBM是第一批進軍云計算領(lǐng)域的大科技公司之一。而現(xiàn)在，隨著各大企業(yè)紛紛進軍云計算領(lǐng)域，IBM的一些老業(yè)務(wù)也受到了沖擊。IBM上周發(fā)布財報后，里昂證券亞太市場（CLSA Asia-Pacific Markets）的分析師艾德?馬奎爾在一份研究紀(jì)錄中寫道：“我們懷疑，加快采用云計算技術(shù)的行為至少導(dǎo)致了顧客在評估各項方案時出現(xiàn)了一些拖延?！?/p>

????這種矛盾上個季度在微軟公司也很明顯。在CEO史蒂夫?鮑爾默的領(lǐng)導(dǎo)下，微軟已經(jīng)建立了一個由Office、Sharepoint和Exchange組成的堅實的業(yè)務(wù)部門，其業(yè)績占到了微軟總銷售額的31%。Xbox及其它娛樂產(chǎn)品貢獻了微軟總銷售額的12%，服務(wù)器則占25%。在這些產(chǎn)品中，大多數(shù)的銷售額在上季度增長緩慢，運營利潤同樣如此。

????投資者似乎特別關(guān)注來自微軟Windows部門的那25%的收益。自從兩家獨立研究機構(gòu)指出，上季度全球PC銷量下跌超過10%以來，微軟的股價應(yīng)聲亦有所下跌，但上季度微軟的Windows收入?yún)s上升了23%。這在很大程度上要歸功于早前幾個季度的遞延收入，以及微軟自家出品的Surface平板電腦的銷量。（微軟現(xiàn)在不光銷售Windows軟件，同時也開始銷售Windows硬件，后者雖然對收益做出了貢獻，但卻給運營利潤帶來了壓力。）

????微軟CEO鮑爾默把Windows 8視為一條讓微軟脫離傳統(tǒng)PC（如筆記本電腦和臺式電腦），轉(zhuǎn)而進軍平板電腦和智能手機市場的可行之路。這是一個明智的決定，可以讓微軟針對新的市場進行定位，但此舉也進一步減緩了市場對PC的需求，而PC正是微軟傳統(tǒng)市場的核心部分。

????At its heart, the tech industry is about the new. Today, tech giants succeeded because of what was new yesterday. The flip side is that the new ages into the old more quickly in tech than in most other industries. And so companies that dominated tech even a decade ago can appear to be aging quickly.

????Such is the picture of the tech industry after a week of earnings reports that saw giants like Intel (INTC), Microsoft (MSFT), and IBM (IBM) discuss their financials in the first quarter of 2013. While the individual results and subsequent reactions among investors varied, one thread ran through all three: Each is struggling to manage older businesses in decline even as they push into promising new areas like cloud computing.

????The most dramatic example was IBM, which has seen its stock decline 9.3% since it reported first-quarter earnings last week. IBM, a 101-year-old company, sold its PC business in 2004 in an effort to move into higher-margin software and IT services businesses. Its growth since then has made the stock a favorite among tech investors.

????Even so, IBM is still struggling with aging businesses. Revenue at the company fell 5% last quarter from the same quarter a year earlier to $23.4 billion, below analyst forecasts.

????Much of the disappointment centered around hardware, including servers based on x86 architecture that, like PCs, have become low-margin commodities. Some reports suggested IBM may sell its x86 server business to Lenovo (LNVGY), the company that bought its PC business years ago.

????IBM was one of the big companies to move early into cloud computing, and yet as companies finally embrace the cloud, that transition is hurting IBM's older businesses. "We suspect accelerating adoption of cloud computing is ?at the very least creating some delays as customers assess options," Ed Maguire, an analyst at CLSA Asia-Pacific Markets said in a research note following IBM's earnings.

????That paradox is also evident in Microsoft's most recent quarter. Under CEO Steve Ballmer, Microsoft has built up a solid enterprise division of Office, Sharepoint, and Exchange, which makes up 31% of its sales. Xbox and other entertainment products make up another 12% of sales and servers still another 25%. For the most part, most have been seeing modest growth in revenue and operating profit.

????Investors seem particularly focused on the 25% of revenue that comes from its Windows division. Its stock fell after two independent research firms showed PC sales falling more than 10% last quarter. Microsoft ended up reporting a 23% rise in Windows revenue, thanks largely to deferred revenue from sales in earlier quarters and its own Surface tablets. (Microsoft is selling Windows hardware and not just Windows software, which adds to revenue but weighs on operating margins.)

????Ballmer envisioned Windows 8 as a way to pull Microsoft away from traditional PCs like laptops and desktops and into tablets and smartphones. It was the smart thing to do, positioning Microsoft for new markets, but it's also accelerating the decline in demand for PCs that are the core of Microsoft's traditional markets.