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Apple stocks tumble as Jobs announces LOA

Apple stocks dropped an alarming 6.5% after trading hours when story got out that CEO Steve Jobs is taking a leave of absence for medical reasons.

For months, there have been speculation that Steve Jobs may be suffering from some health-related problems. This was the reason why he did not attend the MacWorld Conference (and did the keynote) last week.

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Although he stated in an email to the Apple Community that he’ll be back by June, this news surely concerns people in the industry about the future of Apple. COO Tim Cook is taking over for the meantime.

See also  Apple iOS 8.1 now official, will be seeded on Monday

Stocks dropped below the $80 mark after trading hours and continues to spiral down as the news spreads.

Avatar for Abe Olandres

Abe is the founder and Editor-in-Chief of YugaTech. You Can follow him on Twitter @abeolandres.

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13 years ago

Steve goes LOA, but the company will still be strong. hehe.

He eventually changed his mind after just 2 weeks of announcing he won’t take one. I guess he learned that it was not as easy as taking some medicine.

13 years ago

Steve Jobs is an integral person in ‘Apple’ so his leave of absence really have a significant effect on the investors.

Anyway, let’s hope for his speedy recovery.

Snow ^_^

13 years ago

lets just hope that he recovers fast so he can get back to work

13 years ago

Jobs made Apple what it is today, through his innovations he revolutionized Apple from it’s dark age. Without Jobs the investors simply doesn’t feel secured enough.

13 years ago

Just my two cents: maybe Steve Jobs should be more transparent with what medical condition he has, just to put all rumors to rest. Otherwise, the grapevine would go hyper as it is doing now and Apple stockholders suffer.

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