ZDNet: Jobs braces Apple staff for loss

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Date: Monday, February 1st, 1999, 00:00
Category: Archive

In his latest article for ZDNet, Jason O’Grady delves deeper into Steve Jobs’ third communication meeting with the Apple staff.

Apple Computer Inc. CEO Steve Jobs on Wednesday addressed employees of the struggling Mac maker in a closed-door, all-hands “communications meeting” convened to discuss Apple’s recent warning of a substantial loss for the first fiscal quarter.

According to sources at the short gathering on Apple’s Cupertino, Calif., campus, a contrite Jobs expressed embarrassment over the poor results, which Apple on Tuesday predicted will result in a loss of up to $250 million for the quarter ending Dec. 30. The announcement sent Apple’s stock price plummeting more than 15 percent in after-hours trading, a blow to staffers whose stock options are priced far higher than the current value of Apple shares.

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