No Jobs, but the show must go on. That’s what the US market appears to be saying today, with shares falling 2% upon opening this morning, after CEO Steve Jobs gave his shock resignation yesterday.
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| Steve Jobs with his brainchild the iPad. |
Apple Chief Operating Office (COO) Tim Cook is now to take over the top job at Cupertino.
Read Tim Cook The New Boss Has A Tough Gig Ahead Here
Company shares fell 5% on close of markets on Wednesday, after Jobs’ announcing he can no longer meet his “duties and expectations,” described by TheStreet.com as getting a “bruising” but not much more.
This show must keep going attitude, despite losing the cult personality and innovator that is Jobs, was reflected by one of the company’s major shareholder funds, Capital Advisors Growth Fund.
“We don’t have any concern about the company messing up or there being some operational setback,” Channing Smith, fund manager.
“As we go into the holiday season, Apple continues to have the most innovative products in the marketplace. The product pipeline is set and the roadmap is there for the next six to 12 months.”
He also expressed full confidence in the abilities of Cook, who has been acting Chief for months.
“It’s a matter of the company executing, which new CEO Tim Cook has proven he can do.”
“Investors should be very optimistic,” Smith added. iPhone 5, iPhone 4 budget version as well as rejuvenated AppleTV and iPad 3 are all on the cards either for later this year or early next.
Apple announced a stellar quarter season last month, with revenues up 82%, profits up 125%, cash flow up 131% topped by a bumper $8 billion dollar profit.
And it was also revealed Steve Jobs’ giant was richer than its home country with $76.4bn cash reserves compared to US Treasury’s $73.7bn. Now that’s success.
It appears Jobs himself also believes the only way is up for the company he co-founded in 1976. Throughout his career he left the company once, returned, rescued it from the brink of collapse and turned it into the technology powerhouse it is today.
Also, it is very likely the notorious perfectionist will maintain a strong role in product development and company direction as Chairman of the board.
“I believe Apple’s brightest and most innovative days are ahead of it. And I look forward to watching and contributing to its success in a new role,” Jobs said in his a letter addressed to the Apple board of directors yesterday.
“I would like to serve, if the Board sees fit, as Chairman of the Board, director and Apple employee. ”
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| Jobs pictured in 1985. |
The Wall Street Journal said people familiar with the situation say Mr. Jobs continues to be active at Apple, despite taking a leave of absence earlier this year and is closely involved in the company’s product strategy.
Apple watchers don’t expect that to change even after Mr. Cook takes over.
Jobs, diagnosed with a rare form of pancreatic cancer in 2004 and underwent a liver transplant, has been on leave since January last to focus on his health.
