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Apple stages memorial for jobs; investors back to business

UPDATE Oct 20: Tens of thousands of Apple employees have tuned into a memorial service for Steve Jobs today, The Wall Street Journal reports.

Meanwhile, Apple has updated its tribute page, apple.com/stevejobs to include tributes.

For investors, it was back to business today.

Apple shares [NAS:AAPL], which dipped slightly then surged back to within pennies of their all time high in the fortnight following Mr Jobs' death, fell 5.59% today.

The company's quarterly result, released after the market closed yesterday, showed profit soaring 54% to a record $US6.62 billion, with quarterly revenue rising to $US28.27 billion.

However, iPhone sales slowed to 17 million from the previous quarter's 20.3 million.

Bullish analysts had been hopping for 20 million to 22 million.

Apple maintained the lull was simply consumers waiting for the new iPhone 4S, which sold four million in its first three days (which fell in the company's current quarter). 

Apple sold 11.12 million iPads during the quarter, a 166% increase on 2010, and a 20% increase over the previous quarter.


The world is a little less insanely great
Oct 6
Apple co-founder Steve Jobs (56) has passed away. The news was broken on Apple's website at midday New Zealand time.

The company said Mr Jobs died peacefully today surrounded by his family. 

"For those of us lucky enough to get to work with him, it's been an insanely great honor," Microsoft co-founder Bill Gates said in an email to media, appropriating one of the iconoclast's favourite phrases.

The Wall Street Journal's usually jaundiced Walter Mossberg added:

He was a historical figure on the scale of a Thomas Edison or a Henry Ford.

He did what a CEO should: Hired and inspired great people; managed for the long term, not the quarter or the short-term stock price; made big bets and took big risks.

He insisted on the highest product quality and on building things to delight and empower actual users, not intermediaries like corporate IT directors or wireless carriers.

And he could sell. Man, he could sell.

ABOVE (from left): Jobs, Sculley and Wozniak in 1984 - the year the Macintosh took personal computing into the mainstream. Within 12 months, the three had fallen out. Wozniak - then suffering from cancer - alleged Jobs was trying to dilute his share of the company; Sculley (in favour of swinging the axe) and Jobs sparred over layoffs as the market slowed.  

Mr Jobs, who took several leaves of absence as he fought pancreatic cancer and received a liver transplant, resigned as Apple chief executive on August 25.

COO Tim Cook - who has served as acting CEO in 2004, the first half of 2009 and most of this year - was promoted to head the company. 

Mr Jobs co-founded Apple with Steve Wozniak in 1976.

Along with Microsoft's Bill Gates, Oracle's Larry Ellison and others, he was part of a generation that recaste the IT industry, talking the concept of personal computers into the home and business mainstream.

Apple became a household name in 1984 with the release of the Macintosh, the first personal computer with a mouse-driven graphical user interface.

In 1985, Mr Jobs was forced out during power struggle with professional manager John Sculley (drafted from Pepsi). The company hit the doldrums as Mr Sculley combined listless product strategy with a failed attempt to partner with IBM and take the company in a more corporate direction.

ABOVE: Just as not every Apple product has been a runaway hit (history has quietly forgotten the Newton MessagePad), Mr Jobs did not always have the golden touch in business. NeXT Computer's "Cube" PCs, sold in the late 1980s and early 1990s, were a commercial failure. But other initiatives - at Pixar then later when he returned to Apple - paid off - helping the entrepreneur build a fortune estimated at $US8.3 billion. Mr Jobs is pictured in NeXT's board room during the 1980s. 

One of Mr Jobs' companies from his wilderness years - Pixar Animation Studios, eventually sold to Disney in 2006 for $US7.4 billion - became a huge success. Another, NexT Computer, failed.

Apple bought NeXT in 1996 in a deal that saw Mr Jobs return to the fold as chief executive - first on an interim basis, then full time from 1998. The company teetered on the brink of bankruptcy during 1997 and 1998 before a minority investment from arch-foe Microsoft was negotiated.

Mr Jobs restructured the company, and a series of hit products followed.

The iPod, iPhone, iPad and the associated AppStore online service, which recently clocked its 18 billionth download, all created - or at least popularised - whole new classes of product.

It recently passed Exxon-Mobil to become the world's most valuable company, with a market cap around $US350 billion.

Steve Jobs is survived by his wife Laurene and four children.

ABOVE: Unveiling the first iPhone in January, 2007.


REMEMBERING STEVE JOBS

Wall Street Journal: Slideshow: Steve Jobs through the years
New York Times: Steve Jobs, Apple’s Visionary, Dies at 56
Reuters Factbox: Apple's history and milestones
MacWorld: The man who saved Apple


NEW CEO TIM COOK's EMAIL TO APPLE STAFF

Team,

I have some very sad news to share with all of you. Steve passed away earlier today.

Apple has lost a visionary and creative genius, and the world has lost an amazing human being. Those of us who have been fortunate enough to know and work with Steve have lost a dear friend and an inspiring mentor. Steve leaves behind a company that only he could have built, and his spirit will forever be the foundation of Apple.

We are planning a celebration of Steve’s extraordinary life for Apple employees that will take place soon. If you would like to share your thoughts, memories and condolences in the interim, you can simply email rememberingsteve@apple.com.

No words can adequately express our sadness at Steve’s death or our gratitude for the opportunity to work with him. We will honor his memory by dedicating ourselves to continuing the work he loved so much.

Tim

More by Chris Keall

Comments and questions
33

The technology world has lost a brilliant techy, marketer and businessman.. a absolutely rare combination.
Very sad.

Such a visionary. What a loss to the world.

RIP.

do not worry. He will be back on Sunday.

@ Informed PR - Legendary businessman he truly was. Techy, no.

Steve J was never tech, that was Woz and his successors. Mr Jobs was not a tech.

I'm surprised how late he left his departure from Apple's day to day runnings, before his demise. I hated his business decisions, brilliant as they were, but it's not fun to see anybody go...

RIP Steve - you were brave and made a difference

if steve jobs is dead - can i get flash on my ipad now?

Need to be able to watch Coro St on demand now tvnz has stuffed the time slot up.

You sir are an A class idiot

Wait for the release of the SteveJobs2?

@ Village idiot - I love you too sweetie. Good to see your English is improving!

XoXo

Thanks JK - I like to think I'm getting there

Obviously wasn't happy with the iPhone 4S either

Please can we resist the hagiography prevalent on some other sites (ie stuff.co.nz). The man's company made high end consumer gadgetry (toys in effect) - till now the company has done it very well, and clearly Jobs was able to convince many consumers that his gadgets were better than others on the market (though with the gullibility of the average consumer I wouldnt say that was much of an achievement). Jobs gadgets didnt save lives, he didnt invent a cure for disease and I suspect in a few years time many will wonder what the fuss was about. Shame he died, but heck people die every day.

pull your head in.

People are reacting to his death because, for whatever reason, they have valued his life and what he did.

@crowd pleaser

There is nothing wrong with a little empathy mate.

Empathy? How is it possible for anyone to have empathy with someone they never met? Several hundred thousand people will die today, none of who you or i will ever have met, and we are meant to empathise with each of them?
It is a mark of how celebrity driven our culture has become and how dumbed down most are that we are unable to place the proper perspective on the death of the CEO of a company that makes consumer gadgets.

Absolutely true,and for your death it will rate even less - let alone get a mention in a business paper that respects those who have achieved something with their lives.

Absolutely - go full steam ahead and wallow in it. But thanks for your contribution, however limited - you illustrate my point of the dumbing down of the masses beautifully.

At last!!! Apple needs fresh blood. Good to see him gone. Lets hope new leader can pump up profits.

Steve Jobs or Bill Gates?

@ JK: Steve Jobs was a tech, he spent time developing circuit boards for Atari in his early days.

I cannot believe what disrespect people have.

a) a person has passed early in their time
b) he had more effect on the world in the past 10 years than any other single person in the tech industry
c) he set the pace.

We don't see individuals from the other tech giants leading the world and succeeding and delivering on a consistent basis?

Any haters are jealous nobody's who havent achieved one thing in their life of worthy note on a global scale. Keep on bagging, you may make yourself feel better until you realise your life achievement means nothing to nobody.

Steve was a normal guy, like you and me (albiet with terrible dress sense) who dreamed concepts, put them into context, manufactured them and DELIVERED it to the world!

I couldn't agree more.

Apple statement reads:

“Steve’s brilliance, passion and energy were the source of countless innovations that enrich and improve all of our lives. The world is immeasurably better because of Steve.”

This may be a little over the top but in essence it's true. He has created a hugely successful company that makes fantastic products. It's not a cure for cancer, but so what: sneer as much as you like but his outstanding achievements have to be recognised. Very few people make this much of an impact on the world.

Some of the comments on this thread are malicious and seem to be motivated by spite and envy. Perhaps it's yet another example of the Tall Poppy Syndrome. I am surprised the editor hasn't removed some of the more offensive ones.

He was an extremely successful businessman in the end who had some serious successes and failures along the way. This is business blog half you guys have turned into into a gossip column. You don't have to admire the man, but you have to admire what he and his company's have achieved.

We always admire great people with vision but don't forget there are countless who make up the 'team' and are never acknowledged whilst the one or two collect the accolades as if they did it all by themselves- get real - there's always something better tomorrow. The past was yesterday..

What's with all these petty squabbles and negative comments??

Jobs is, first and foremost, an entrepreneur. Since we are readers of NBR, i presume we would identify ourselves on that matter.

He didn't invent the computer, the phone, the mp3, the tablet.

But he innovated around these products and made them very sellable. Very unique products that carved a niche for themselves.

In that sense, eventhough we have never met the guy, we do feel somewhat sad that he is gone.

He is an innovator and fighter (in the business viewpoint). That in itself demands respect of NBR readers. A guy who started his business in a spare bedroom and does not have a tertiary degree.

And this coming from a guy who is a PC user who doesn't have an ipad, ipod, imac or itouch.

Ask ourself, have we done better than him (in the business sense?) o.O

Couldn't have said it better.

Man up and put your name to your comments

Anon @ 6.39. Agree with you.

These other comments you refer to demonstrate what wrong with NZ. Pathetic small minds who would not know what a dream , hard work , determination , creative thinking and achievement were.

RIP Steve Jobs.

the other day i bought an iphone 3g off trademe and then find out about steves sad death.im very sad but very proud i bought a product that was created by a visionary

RIP

A genius, a showman and a man with immense personal strengths and flaws.

A product of the American dream with all the trappings and success that comes entwined.

Read the many books that cover this mans life - a complex individual that sadly only started to understand it all in his final years.

Gone a bit too soon me thinks - sad.

Hey Loser Hater .... Get a life!

I am amazed that NZ's top business publication has so many moronic readers expressing such gratuitously offensive and dumb opinions.

If I were the publisher or editor I would be feeling pretty embarrassed at the quality of the comments the readers have made when discussing the death of one of the most important business figures of the past 25 years. Doesn't show NZ business (or the NBR) in a very positive light. You wouldn't read this sort of stuff on the FT website.

Putting aside all his ranting and insulting drivel, which can most charitably ascribed to some sort of personality disorder, how about this striking insight from "crowd pleaser":

"Job's was very good at marketing, but then marketing is all about getting people to buy what they don't necessarily need or want."

Wonder what else old CP learned at Harvard Business School? I suspect he is in the C stream working towards a retake of his NZCE (level 1) and is unlikely to participate in any form of higher education.

Jobs true legacy will be what he does with his $8B+ fortune. He has not publicly signed up to Gates/Buffetts 'the giving pledge' nor is he known to be big philanthropically (though could be anonymously).

He has given many people happiness through the use of Apple products and Pixar movies. He could now help the world cure disease