Apple stock declines as Steve Jobs takes medical leave

Thursday, October 17th, 2013 By

Steve Jobs

Steve Jobs is taking another medical leave of absence. Photo Credit: Ken Susumpow/Flickr.com/CC-BY

Apple stock tumbled slightly as Steve Jobs announced he was taking another leave of absence. Jobs announced at a recent Apple press conference that he was taking time off for health related reasons. Many fear he is struggling with cancer again.

Steve Jobs takes medical leave of absence

Recently, CEO of Apple Steve Jobs announced that he would be taking a medical leave of absence, for an unspecified illness, which resulted in a moderate decline of Apple stock, according to The Guardian. Shares of Apple Inc. fell by at least 4 percent in early New York trading, the day after the news had broken that Jobs was taking a step back for an unspecified amount of time.  Jobs said that he while he was taking a medical leave of absence, Chief Operating Officer Tim Cook would be filling in as the acting Chief Executive Officer in Jobs’ absence. Jobs will still be involved in major decisions, though Cook will be running the day to day operations of Apple. An Apple earnings statement is anticipated sometime in the near future.

Third leave for medical reasons

This is the third time that Steve Jobs will be taking a medical leave of absence of indeterminate length. In 2004, Jobs underwent treatment for a cancer in his pancreas, though Jobs was actually diagnosed with an islet cell neuroendocrine tumor, according to Reuters. That form of the disease is cancer of the endocrine system, which regulates hormones. Jobs also took a lot of time off in 2009 to undergo a liver transplant. During both leaves, Cook took over day-to-day operations for Jobs. The company remained successful, and the iPad was developed during the absence of Steve Jobs.

No word on cause

The reason for Jobs taking a medical leave was not disclosed, though speculation is running rampant that his cancer has returned. Apple has a lot on its hands, including the earnings report, the iPhone 5 and the iPad 2 due to be released in the near future.

Sources

The Guardian

Reuters

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