Jobs urges investors to "hang in there"
updated 05:40 pm EST, Mon January 28, 2008
Jobs' letter to investors
Apple CEO Steve Jobs acknowledged the current instability of the company's stocks, but urged investors to remain confident due to Apple's current and future strengths. In a letter obtained by AppleInsider, Jobs points out that the company has over $18 billion in cash reserves, as well as a lack of debt, and over 200 retail locations. In addition, he mentions that Apple's staff, focused strategy, and new product lines are indicative of having much room to grow.
Jobs also mentions that Apple is doing better than many other companies in the high tech sector. "As you can see, we have outperformed many other blue-chip tech companies, including Google," he writes in the letter.
He summarizes that those with patience will see a positive return. "I believe that investors who stay with us will be rewarded as the market's confidence is restored over time," he wrote. "Hang in there."
Chart courtesy of AppleInsider
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Joined: Oct 2003
why not buy the shares?
Anytime a CEO puts out memos like these after their stock has been literally hammered into the ground, I always ask: "Why not buy the shares back, Mr. CEO?"
That would be the ultimate show of confidence, and investors would react. Alas, Apple insiders have sold shares like crazy.
I'm a HUGE Apple fan, and have been surprised myself, but I'm staying away from this stock until the volatility passes.
How about it, Steve? Not like you're spending money updating my MacBook Pro or iPhone software...