梅格·惠特曼掌舵惠普已經(jīng)五年了。在這五年里，她頻頻出招，一會兒是收購，一會兒是剝離，一會兒把公司拆成兩半，一會兒又零敲碎打地分拆公司的其他資產(chǎn)。她有時看起來簡直就像是混進CEO界的一個“瘋狂科學家”。

如今離她陣仗最大的那次重組已經(jīng)過去了一年半的時間——那次她將惠普的PC和打印機業(yè)務整個拆分成了一家獨立的公司。但是她現(xiàn)在依然沒有停止對公司繼續(xù)動刀子。就在兩個月前，梅格·惠特曼宣布，惠普將把旗下部分軟件業(yè)務進行拆分，并與英國軟件公司Micro Focus合并，這筆交易的估值預計將達到90億美元。今年五月，惠特曼還宣布將旗下的企業(yè)服務部門與Computer Sciences公司合并，這筆交易目前尚未宣告完結(jié)。就在這期間，惠普還斥資收購了一家名叫SGI的超級計算機制造商。

對惠特曼的這幾招散手，我們現(xiàn)在恐怕還很難提出批評。因為自從去年11月拆分了PC和打印機業(yè)務后，惠特曼領(lǐng)導下的慧與（Hewlett Packard Enterprise）的股價至今已經(jīng)猛漲了60%。

不過有些華爾街分析師還是對惠普的處境表示了擔憂，認為惠特曼的復蘇和重組之路似乎已露出后勁不足之態(tài)。今年第三季度，也就是該公司第四財務季度的財報顯示，公司當季的收益下跌了7%。即便是針對惠普近來的一系列拆分和強勢美元等因素進行調(diào)整后，營業(yè)收入還是下跌達到2%。125億美元的營業(yè)也略低于分析師們此前給出的129億美元的預期。慧與股價也在盤后交易中下跌了1個百分點。

對此，惠特曼的解釋是，慧與的一些業(yè)績下滑的老舊業(yè)務（比如企業(yè)數(shù)據(jù)中心使用的傳統(tǒng)型服務器和一些基本的網(wǎng)絡(luò)設(shè)備）的下滑幅度超過了預期。而像基于閃存技術(shù)的網(wǎng)絡(luò)存儲硬件、極高性能的計算機和wifi設(shè)備等增長領(lǐng)域則依然保持了強勢增長。

不過由于公司全線業(yè)務增長放緩，在最近的一次與分析師的電話會議上，很多分析師都追問她對明年的展望有何設(shè)想。惠特曼也表示，她預計明年公司服務器的銷量總體將增長1%到2%。

惠特曼解釋道，2016年上半年，她的主要目標是收入的增長，下半年則主要強調(diào)盈利。“今年我們用了一種類似‘滴定’的辦法。”這位“瘋狂科學家”式的CEO用了一個化學術(shù)語，“滴定”指的是利用兩種溶液混合在一起以找到某種平衡。“前半年是高增長低利潤，后半年是低增長高利潤。明年我們要沿著高速公路的中間車道走了。”

如果惠特曼的“中間車道”戰(zhàn)略真的能夠成功的話，投資者顯然是樂于同時看到盈利和增長的。（財富中文網(wǎng)）

譯者：樸成奎

Meg Whitman has been running one version or another of the venerable tech giant Hewlett Packard for more than five years. And with all the acquisitions and divestitures and splitting the company in half and spinning off other bits, she sometimes seems like the mad scientist CEO of the industry.

About a year after her most momentous restructuring of all—pushing HP’s personal computer and printer businesses into a wholly separate company—she’s still hard at work rejiggering the pieces left on her board. Just two months ago, she announced a new plan to spin off and merge some of HP’s software businesses with British vendor Micro Focus in a deal valued at $9 billion. A similar deal announced in May to send the enterprise services unit to Computer Sciences CSC -1.89% is still not done. She also moved to add supercomputer maker SGI in August.

But it would be hard to criticize all those moves right now. Whitman’s company, Hewlett Packard Enterprise has seen its share price rise 60% since splitting from the PC and printer side last November.

Still, some Wall Street analysts are worried that the recovery and restructuring effort may be running out of juice. Third quarter results, the company’s fiscal fourth quarter, showed revenue dropping 7%. Even after adjusting for all the units Whitman cut and the strengthening U.S. dollar, revenue still declined 2%. The $12.5 billion total missed analysts estimates of almost $12.9 billion. Adjusted earnings per shares of 61 cents about met analyst expectations. HP’s share price lost 1% in after hours trading.

The problem was that sales in some of HP’s HPE -3.11% older, declining businesses—like traditional servers used in corporate data centers and basic networking gear—dropped more than expected, Whitman said. Growth areas like flash-based network storage hardware, extreme high performance computers and wi-fi gear for big installations still grew strongly, she said.

Still, with company-wide growth slowing, Whitman was peppered with questions on a call with analysts about the assumptions underlying her outlook for next year, including growth in server sales overall of 1% to 2%.

The CEO explained that she had gone for revenue growth earlier in 2016 but emphasized profitability more in the last two quarters. “We sort of titrated a bit during the year,” the mad scientist CEO said, using chemistry lingo for mixing two solutions to find a balance. “First half was faster growth, lower margins, second half of the year was lower growth, higher margin. Now we’ve got to drive down the middle of the highway for next year.”

Investors would like to see both profitability and growth, if Whitman’s middle of the highway approach is to succeed.