Apple got off to a bad start in the post-Steve Jobs era as shares fell seven per cent in after hours trading in the US following the shock resignation of its chief executive.
Interestingly, shares in Foxconn, the Taiwanese manufacturer that builds iPhones and iPads, dropped by over two per cent as trading jitters reverberated across the Apple ecosystem.
Shares in Samsung and HTC, both major Apple rivals in the smartphone and tablet markets which are currently involved in several patent infringement cases in various regions, rose by around three per cent.
Ovum analyst Jan Dawson explained that the short-term selling of Apple shares was driven by fears that the company will not perform as well without its long-time leader.
"However, these fears appear relatively unfounded at least in the short-term. Tim Cook, formerly chief operating officer and now chief executive, has been in day-to-day charge of Apple since January and during two previous periods when Jobs's health prompted extended absences," he said.
"On all three occasions, Jobs was nevertheless involved in major decisions and continued to set strategy for the company. His new role as chairman suggests this will continue even if he does not sit at a desk in Cupertino for eight hours at day."
However, if worsening health issues render Jobs unable to fulfil the role of chairman, there is reason to believe that Apple could struggle to maintain its recent successes, Dawson added.
"Jobs has provided strategic vision and personal leadership as arguably the most visible and well known chief executive of any technology company today," he said.
"Cook will not step easily into either of these roles. He is a safe pair of hands, but hardly a visionary or a charismatic figure."
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