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Apple Soars, but Mum on Jobs
By YUKARI IWATANI KANE; Wall Street Journal; January 19, 2011

Apple Inc. posted a 78% surge in profit and record sales of its gadgets in the holiday quarter, but the company's executives ignored the elephant in the room—the sudden medical leave of Chief Executive Steve Jobs.

Even as the Cupertino, California company reported a 71% revenue increase for its fiscal first quarter on strong demand for its iPhones, iPads and Macintosh computers, Apple didn't address Mr. Jobs' health in its earnings conference call with analysts.

The 55-year-old CEO on Monday said he was taking a medical leave for an unspecified health issue, less than two years after he received a liver transplant. Mr. Jobs has in the past been diagnosed with a rare type of pancreatic cancer called islet cell neuroendocrine tumor.

On Tuesday, Apple executives stressed the strength of the company's business. "In my view, Apple is doing its best work ever," said Tim Cook, Apple's chief operating officer, who Mr. Jobs said would be responsible for the company's day-to-day operations while he was on leave. "The team here has an unparalleled breadth and depth of talent and a culture of innovation that Steve has driven in the company," added Mr. Cook.

Not a single analyst asked about Steve Jobs's medical leave on the Apple earnings call Tuesday afternoon. Stacey Delo and Dan Gallagher discuss that, and take a look at the record quarterly earnings for the company.

Still, concerns lingered Tuesday over Apple's limited disclosure on Mr. Jobs's health. The CEO, who co-founded the company in 1976, is closely identified with driving Apple's success. The company has never disclosed the specifics behind why Mr. Jobs needed a liver transplant two years ago.

In a reflection of the concern, Apple's shares slumped in early trading Tuesday before regaining some ground to end the 4 p.m. Nasdaq trading down 2.3% at $340.65. The stock rose in after-hours trading after...