July 22, 2008 | posted by Michael Baxter in New Media |

At times like these, investors, it appears, look for bad news. Yesterday it was Apple’s turn to release its latest set of results. For so long this company has dazzled investors with one period of stunning growth following another. And the quarter just gone was no exception.

Profits in the company’s latest quarter surged 31 per cent, with the company enjoying its highest ever quarterly sales of Macs.

In all, profits came in at $1.07bn, the second best quarter in the company’s history, second only to the Christmas period seen at the end of last year.

At a time when banks and retailers seem to be taking it in turns to outdo each other in disappointing markets, you would have thought they would be ringing the bell and singing out in exultation to Steve Jobs, as once again he does it.

But, on this occasion, the markets were worried.

First of all, there’s Job’s gaunt appearance. His rapid weight loss has been a subject of speculation for a while now. Yesterday, the New York Post ran a story speculating on Job’s health and whether his cancer had returned.

The topic of the boss’s health came up at the Apple press conference yesterday, but all Peter Oppenheimer, Apple’s CFO would say was, “Steve loves Apple and serves at the board’s pleasure. He has no plans to leave Apple and Steve’s health is a private matter.”

That got markets worried.

Then there was the matter of the company’s expectations for the next quarter. Never mind the quarter that has just been, Apple’s predictions for the three months to follow were less than expected. Much less.

With US consumer confidence already fallen of the edge of a cliff, there are increasing fears that even Apple sales might be affected. With the new iPhone half the price of the original model analysts are also worrying about reduced margins on the product.

Then again, you can’t have failed to notice the hype surrounding the latest Apple product. This is a product that seems destined to sell in droves, whatever the economic climate.

And while it is true, the IPhone is just one contender in a battle that sees such major players as Nokia with its Symbian operating system, Google’s plans for Linux based mobiles, and Microsoft, it would nevertheless be a brave investor who writes Apple’s chances off.

No golden run lasts for ever, but Apple has a sufficient range of innovative ideas aimed at an exploding market-place, that even in time of a credit crunch the opportunity is impressive indeed.

The health of Steve Jobs is of more serious concern. In the 1990s the company showed how badly it needs its founder at the helm. Apple’s weakness is its reliance on its boss.