Steve Jobs tells investors to “Hang in there.”

January 29th, 2008 at 12:00 am
 


Steve Jobs

Steve Jobs emailed his employees last week expressing his sadness regarding the slumping US economy and the the effects on Apple’s stocks. After falling from a $220 high to a $130 low, Jobs was the hardest hit having 5.5 million shares in Apple effectively losing about $380 million on paper. "Our stock is being buffeted around by factors a lot larger than ourselves," he said in the email.

Jobs acknowledged the slumping stocks yet remained optimistic that those shares will rebound. He based his optimism on a 24 month performance chart which clearly showed that Apple was doing better than other blue-chip tech companies like Google, Microsoft, HP, and Dell.

It was obvious that Jobs was also worried about the current situation but reassured his employees and investors, "I continue to believe that our fundamentals – our remarkable people, our clear and focused strategy, our new product pipeline, our 200+ retail stores, our $18 billion of cash in the bank with no debt, etc., will serve us well in the coming months and years."

In an attempt to calm down his investors jobs emphasized that those who remain loyal in their positions in Apple would ultimately reap the benefits in the long run.

His final words were short, simple andreassuring, "Hang in there."

[via AppleInsider]