In a letter obtained by AppleInsider, Steve Jobs urges investors to remain confident in the company, acknowledging the rapid slide in stock price of late.
Jobs opened the letter by saying that the Apple stock has been “buffeted around by factors a lot larger than [it].”
Jobs points out that among other tech companies, Apple has remained the strongest: “As you can see, we have outperformed many other blue-chip tech companies, including Google. 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 closing, Jobs told stockholders to “hang in there” and said he was confident that Apple stock would return to where it was and grow further.
With 5.54 million shares of Apple, Steve Jobs is the second largest shareholder in Apple behind Fidelity Investments.