The resignation of Steve Jobs as the chief executive of Apple took a multibillion-dollar bite out of the company's market value and wiped as much as US$52 billion (Dh190bn) off stocks around the world yesterday.
Apple's shares in the US sank as much as 7 per cent in after-hours trading, following Mr Jobs's announcement on Wednesday night that he would be stepping down from his post immediately.
Futures trading on the S&P 500 Index slumped yesterday by as much as 0.6 per cent on the news, while the Nasdaq-100 index dropped 0.3 per cent.
"I have always said if there ever came a day when I could no longer meet my duties and expectations as Apple's CEO, I would be the first to let you know," Mr Jobs wrote in a letter to the Apple board late on Wednesday.
"Unfortunately, that day has come," he added. "I hereby resign as CEO of Apple."
The 56-year-old leader of the world's second most valuable company has already been elected chairman of Apple's board. After surviving a rare form of pancreatic cancer, Mr Jobs has encountered more recent health issues, though did not specify his reasons for stepping down.
Tim Cook, the Apple chief operating officer has been strongly tipped to take the top job. Mr Cook acted as interim chief executive while Mr Jobs was on medical leave.
While Apple's board was quick to act on the news, some investors are concerned that the company may not be able to keep up with the brisk sales pace of its devices without the company founder at the helm.
Apple posted a record quarterly profit of $7.31bn when it released its latest earnings last month, buoyed by sales of more than 20 million iPhones and 9 million iPads, but sales of its music-playing iPods dropped 20 per cent from the same quarter a year ago.
Neverthless, Apple briefly surpassed ExxonMobil as the most valuable company by market value in the world before dropping back to second position.
"I believe Apple's brightest and most innovative days are ahead of it," Mr Jobs wrote in his resignation letter.
"And I look forward to watching and contributing to its success in a new role."
nparmar@thenational.ae
Why seagrass matters
- Carbon sink: Seagrass sequesters carbon up to 35X faster than tropical rainforests
- Marine nursery: Crucial habitat for juvenile fish, crustations, and invertebrates
- Biodiversity: Support species like sea turtles, dugongs, and seabirds
- Coastal protection: Reduce erosion and improve water quality
THE LOWDOWN
Romeo Akbar Walter
Rating: 2/5 stars
Produced by: Dharma Productions, Azure Entertainment
Directed by: Robby Grewal
Cast: John Abraham, Mouni Roy, Jackie Shroff and Sikandar Kher
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Black Panther
Dir: Ryan Coogler
Starring: Chadwick Boseman, Michael B Jordan, Lupita Nyong'o
Five stars
The specs
Engine: 6.2-litre supercharged V8
Power: 712hp at 6,100rpm
Torque: 881Nm at 4,800rpm
Transmission: 8-speed auto
Fuel consumption: 19.6 l/100km
Price: Dh380,000
On sale: now
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
