Apple's Steve Jobs racks up $127K in travel expenses in Q1 2010
After health issues in 2009 kept Apple co-founder Steve Jobs mostly grounded, the chief executive took to the skies again in the first quarter of 2010, with his $127,000 in private jet flights suggesting he is out and about, and making deals.
As first noted by Philip Elmer-DeWitt of Fortune Brainstorm Tech, Apple revealed this week in its quarterly U.S. Securities and Exchange Commission filing that Jobs spent $127,000 in travel expenses on his private Gulfstream V jet. That's quite an increase from last year, when Jobs took a leave of absence due to health issues, the chief executive spent just $4,000 on air travel.
"The Company entered into a Reimbursement agreement with its CEO, Steve Jobs, for the reimbursement of expenses incurred by Mr. Jobs in the operation of his private plane when used for Apple business," the filing reads. "The Company recognized a total of $127,000 and $143,000 in expenses pursuant to the Reimbursement Agreement during the three- and six-month periods ended March 27, 2010, respectively."
In the past, Jobs' travel expenses have been taken as a sign of big things to come. In early 2008, Morgan Stanley analyst Katy Huberty noted Jobs' air travel costs surged 170 percent, foreshadowing forthcoming business deals for the international launch of the iPhone. In one quarter alone in the fall of 2007, Jobs spent $550,000 on air travel.
Huberty noted that Jobs was "integral" to any negotiations with foreign cellular providers for iPhone contracts. She theorized that the extra travel was a sign Jobs was meeting with companies to close deals.
Those deals have paid off in the years, since, with last quarter's record setting 8.75 million iPhone sales the best ever for Apple. Sales increased at the start of 2010, even though it was not a holiday quarter, based on the strength of the iPhone overseas and expansion to new carriers.
Elmer-DeWitt noted that Jobs was known to have traveled to the East Coast to meet with print media executives to pitch the iPad before it was released. Jobs reportedly met with both The New York Times and The Wall Street Journal. However, the SEC filings did not detail what Jobs' travel expenses were related to, so it's unknown whether Jobs met with anyone else about any other upcoming Apple projects.
As first noted by Philip Elmer-DeWitt of Fortune Brainstorm Tech, Apple revealed this week in its quarterly U.S. Securities and Exchange Commission filing that Jobs spent $127,000 in travel expenses on his private Gulfstream V jet. That's quite an increase from last year, when Jobs took a leave of absence due to health issues, the chief executive spent just $4,000 on air travel.
"The Company entered into a Reimbursement agreement with its CEO, Steve Jobs, for the reimbursement of expenses incurred by Mr. Jobs in the operation of his private plane when used for Apple business," the filing reads. "The Company recognized a total of $127,000 and $143,000 in expenses pursuant to the Reimbursement Agreement during the three- and six-month periods ended March 27, 2010, respectively."
In the past, Jobs' travel expenses have been taken as a sign of big things to come. In early 2008, Morgan Stanley analyst Katy Huberty noted Jobs' air travel costs surged 170 percent, foreshadowing forthcoming business deals for the international launch of the iPhone. In one quarter alone in the fall of 2007, Jobs spent $550,000 on air travel.
Huberty noted that Jobs was "integral" to any negotiations with foreign cellular providers for iPhone contracts. She theorized that the extra travel was a sign Jobs was meeting with companies to close deals.
Those deals have paid off in the years, since, with last quarter's record setting 8.75 million iPhone sales the best ever for Apple. Sales increased at the start of 2010, even though it was not a holiday quarter, based on the strength of the iPhone overseas and expansion to new carriers.
Elmer-DeWitt noted that Jobs was known to have traveled to the East Coast to meet with print media executives to pitch the iPad before it was released. Jobs reportedly met with both The New York Times and The Wall Street Journal. However, the SEC filings did not detail what Jobs' travel expenses were related to, so it's unknown whether Jobs met with anyone else about any other upcoming Apple projects.
Comments
I wonder how many people hope his jet goes down
That's not something I like think his competitors would consider.
Considering what SJ does in comparison to your typical fat-cat, I think he should be flying everywhere to seal those deals!
I wonder how many people hope his jet goes down
What the hell dude! Why on earth would that even enter your mind after reading this story. Admirer and foe alike I believe understand the historical importance of SJ and the legacy he will have made to so many industries and modern culture in general. Why would anyone wish something like that on anyone ? Why was that post even worth the time it took you to type it ?
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I wonder how many people hope his jet goes down
What an idiotic statement.
I wonder how many people hope his jet goes down
Your totally inappropriate remark - regardless of who it may refer to - is of such poor taste that you have pretty much validated to many the juvenile that you are.
PS: Are there any clever names for a plane than N2N, the registration number of Job's jet?
That's just inappropriate to say about anyone.
What the hell dude! Why on earth would that even enter your mind after reading this story. Admirer and foe alike I believe understand the historical importance of SJ and the legacy he will have made to so many industries and modern culture in general. Why would anyone wish something like that on anyone ? Why was that post even worth the time it took you to type it ?
What an idiotic statement.
That was quite inappropriate. I'd appreciate it if you'd remove it.
If you want the comment removed it doesn't help to quote the comment. It either means that it won't be entirely removed or the Mods have to do more work to eradicate it.
If you want the comment removed it doesn't help to quote the comment. It either means that it won't be entirely removed or the Mods have to do more work to eradicate it.
You are right. And until it is removed I leave mine unedited. When it is, I will gladly remove my comment as well.
Unfortunately, we cannot call him an idiot.
What the hell dude! Why on earth would that even enter your mind after reading this story. Admirer and foe alike I believe understand the historical importance of SJ and the legacy he will have made to so many industries and modern culture in general. Why would anyone wish something like that on anyone ? Why was that post even worth the time it took you to type it ?
That's just inappropriate to say about anyone.
That's not something I like think his competitors would consider.
What an idiotic statement.
That was quite inappropriate. I'd appreciate it if you'd remove it.
Your totally inappropriate remark - regardless of who it may refer to - is of such poor taste that you have pretty much validated to many the juvenile that you are.
Steve Jobs is the reason Apple is doing so well.
Other people want Apple's success.
So to reword it for those of you who need it: I wonder how many people hate how brilliant he is (and how much business he's taken from them) to actually wish death upon him.
Get over it.