Apple Shares Fall As Steve Jobs Takes Another Leave Of Absence
Shares in Apple have fallen over 5% since it was announced that Apple’s boss, Steve Jobs, was to take a leave of absence for health reasons.
On Monday a short statement confirmed that the Apple boss would take a leave of absence to concentrate on his health. It’s the second medical absence he’s taken in the last two years and as a result shares in the company have fallen.
As the Apple boss announced his absence, Apple also released news of record profits and revenues just before Christmas. In the three months to 25 December net profit was £3.7bn. Steve Jobs said “We had a phenomenal holiday quarter”.
Apple has increased its first quarter profits by 71% compared with the same period last year with sales of the iPad and new iPhone helping. Despite shares initially falling by nearly 6%, by the time trading closed on Tuesday they were only down 2.2%.
Steve Jobs was diagnosed with pancreatic cancer in 2004 and had a tumour removed from his pancreas. As part of his treatment he had a liver transplant in 2008 and this latest absence is making investors in the US rather wary.