Saturday 16 December 2017

Apple shares fall after Jobs resignation

Andy Bloxham

APPLE shares fell in Frankfurt this morning following the resignation of Steve Jobs as chief executive.

In early trading, shares in the secondary listing were down 4.5pc at €247.30.

Shares also fell 7pc in after-hours trading in the US, the only country where its shares are sold,

FoxConn, a Taiwanese firm which makes the iPhone and iPad at a massive manufacturing campus in southern China, dropped 2.3pc.

However, competitors of the tech giant, which briefly became the biggest firm in the US last month, benefited as the technology market adjusted to the news.

Shares in Samsung, whose Galaxy range of tablets are in direct competition with the iPad, jumped by 3pc and the Taiwanese smartphone maker HTC went up 2.6pc.

The reason for the fall in Apple shares is most likely to be that the 56-year-old Jobs, who will remain as chairman of the company, has been the only recognisable face of the firm for the wider public.

The balding figure in New Balance runners and Issey Miyake turtleneck shirts is deemed by many to be the heart and soul of the company.

Jobs, a Buddhist who has experimented with the psychedelic drug LSD, founded the firm in his California garage 35 years ago.

In his early years, he dropped out of university, returned empty Coke bottles for the 5 cent deposit and walked "seven miles across town every Sunday night to get one good meal a week".

He has fought a long-running battle with pancreatic cancer and took a leave from his post in January.

He announced his departure in a letter to Apple's board of directors, saying: “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. Unfortunately, that day has come.”

Apple's chief operating officer Tim Cook was quickly named the new ceo of the company after Jobs strongly recommended him in the letter.

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