Apple pares losses after confidence rattled by news of Jobs' departure
Published 26/08/2011 | 05:00
SHARES in Apple recovered some of its losses late yesterday after the resignation of chief executive Steve Jobs.
The stock lost more than 3pc in early trading before paring losses to 1.37pc by afternoon.
Mr Jobs had been on medical leave since January, raising speculation about his future at the head of the company he had twice built into a computing powerhouse. He survived a 2003 cancer diagnosis and a liver transplant in 2009. Jobs will be succeeded by chief operating officer Tim Cook.
"I have always said if there ever came a day when I could no longer meet my duties and expectations as Apple's CEO, I would be the first to let you know," Mr Jobs (56) said. "Unfortunately, that day has come."
Under Mr Jobs, Apple became the second-most valuable company in the world, with products such as the iMac, iPod and iPhone, that have revolutionised the computer, music and mobile phone industries.
Mr Jobs left Mr Cook at the helm when he was on leave in 2009, and Mr Cook built confidence with investors during that stint, when the shares gained about 70pc. The company briefly became the biggest company in the world by market capitalisation last week before falling back.
The loss of Mr Jobs is a blow and concerns were raised by analysts about the long-term growth of Apple.