Famous Sad Love Quotes: Apple 'secretly head-hunting new CEO since Steve Jobs medical leave'

Last updated at 5:23 PM on 21st July 2011

Uh-oh: It's alleged Apple board members are secretly on the hunt for a new head

Several Apple Inc board members have discussed a successor to CEO Steve Jobs since the Silicon Valley icon went on medical leave in January.

They have been in talks with at least one head of a high-profile tech company and it is unclear if Steve Jobs knew.

'I think it's hogwash,' he reportedly told the Wall Street Journal who printed the allegations.

The discussions were not explicitly aimed at recruiting a new chief executive, but more an exploration of options.

Those directors did not appear to have been acting on behalf of the entire board, and it was unclear if Mr Jobs, who has been on leave for undisclosed medical reasons, was aware of the discussions.

Jobs is a survivor of a rare form of pancreatic cancer who underwent a liver transplant in 2009. His health has been in the spotlight for years.

Chief Operating Officer Tim Cook and the rest of Apple's upper echelons have won Wall Street's confidence by leading the company capably in his absence.

Apple released its quarterly results yesterday afternoon, crushing Wall Street's expectations.

The company managed to set record after record , hitting all-time highs with its profit and revenue and driving its shares up to more than seven per cent.

Blockbuster sales of the iPhone and strong Asian business are being credited for the surge as sales of its iconic products far outpaced forecasts.

This helped drive a near-doubling of revenue in the fiscal third quarter. Its shares leapt to a high of $405 after a brief after-hours trading suspension and closed at a record high of $376.85.

Apple management have done well in Mr Jobs' absence, crushing Wall Street's expectations and setting record profits, revenue and sales. Share prices closed at an all-time high of $376.85 yesterday

Apple management have done well in Mr Jobs' absence, crushing expectations and setting records. Share prices closed at an all-time high of $376.85 yesterday

Apple sold 20.34 million iPhones during the quarter versus an expected 17 to 18 million, which analysts say helped it vault past Nokia and Samsung Electronics to become the world's biggest smartphone maker.

One weak spot in Apple's strong quarter was the 7.5 million iPods that the company sold, which is about 20 per cent lower than its iPod sales last year.

Last quarter marked the first time Apple's tablet outsold its iconic MP3 player.

That 'figure may indeed make them the largest smartphone maker by volume, which is somewhat ironic in a quarter that many thought would be about the Mac,' said CCS Insight analyst John Jackson.

'That they accomplished this without a new model speaks volumes about both their strength and the relative challenges facing competitors.'

Men walk past an advertisement for Apple's iPad2 in front of an electronic shop in Tokyo. Strong Asian business is being accredited with the surge in profits

In a statement, Apple CEO Steve Jobs said: 'We're thrilled to deliver our best quarter ever, with revenue up 82 per cent and profits up 125 per cent.

'Right now, we're very focused and excited about bringing iOS 5 and iCloud to our users this fall.'

Apple's earnings beat was spectacular even by its own lofty track record. Its quarterly EPS beat the average forecast by 33 per cent, versus beats of about 20 per cent in the past two quarters.

The stellar results came as concern over iPad 2 supply constraints eased, with Chief Financial Officer Peter Oppenheimer saying more than one million iPads remained in stock at the end of June but demand was still overstripping supply in some markets.

Oppenheimer also hinted at an upcoming product launch, saying it would impact the September quarter, but he gave no details.

In coming months, Apple is expected to roll out a new iPhone, which is likely to give the world's most valuable technology company another shot in the arm and offer a stiff challenge to rivals such as Google Inc and Research in Motion.

YCMNET Advisors Chief Executive Michael Yoshikami said: 'They never cease to amaze me, these guys. The numbers are obviously very strong and they seem to be accelerating earnings on all fronts.'

The company posted net income for the fiscal third quarter ended June 25 of $7.31 billion, or $7.79 per share, up from $3.25 billion, or $3.51 per share. Analysts on average had expected Apple to report $5.85 per share.

Oppenheimer attributed the big margin boost to higher sales of the iPhone, particularly in Asia. International sales accounted for 62 percent of the quarter's revenue as the company takes off in parts of Latin America and the Middle East.

Share prices dropped slightly when Steve Jobs announced he was going on leave due to health concerns earlier this year

The company are expected to announce a new product in September and said they are very excited about its huge growth in China

Apple Chief Executive Tim Cook told analysts they were particularly optimistic about Greater China, which includes mainland China, Hong Kong and Taiwan, where Apple's year-over-year revenue was up sixfold at $3.8 billion.

Overall, Asia Pacific revenue more than tripled to $6.3 billion in the quarter.

Mr Cook said: 'I firmly believe that we are just scratching the surface right now. I think there is an incredible opportunity for Apple there.'

Apple sold 9.25 million iPads and 3.95 million Mac computers. Gross margin for the quarter came to 41.7 per cent.

U.S. PC sales fell by nearly six per cent last quarter. Yet sales of Macs grew 8.5 per cent over the past three months, making Apple the country's third-largest PC seller.

Shares of Apple have emerged from the limbo they had fallen into after Chief Executive Steve Jobs took leave last January for unspecified medical reasons.

The stock has gained 16.8 per cent so far this year and has had only two 'down' years in the last ten - in 2002, when it lost 35 per cent, and in 2008, when it dropped 57 per cent.

On Tuesday, Jobs' health again came to the forefront after the Wall Street Journal reported that several Apple board members had discussed a successor to the Silicon Valley icon, and talked it over with at least one head of a high-profile tech company.

Succession planning at Apple has been a hot topic since Jobs announced his medical leave, with many not expecting him to return to lead the company he founded in 1976.

The fate of Apple is tied to how the iPhone and iPad maker handles the eventual departure of its iconic chief. Chief Operating Officer Tim Cook is overseeing day-to-day operations.

Shareholders representing almost a third of Apple's stock voted in February in favour of a proposal to disclose a succession plan for Jobs, underscoring worries over who will replace the visionary leader at the helm.