Steve Jobs received liver transplant: report

By Gabriel Madway

SAN FRANCISCO (Reuters) - Apple Chief Executive Steve Jobs underwent a liver transplant operation about two months ago and is expected to return to work by the end of June, The Wall Street Journal reported on Saturday.

Jobs, a pancreatic cancer survivor seen as the driving force behind development of the iPod, iPhone and other category-defining products from Apple's famed innovation machine, went on medical leave in January for an undisclosed condition.

A spokesman for Apple Inc would not confirm the Journal report but said, "Steve continues to look forward to returning to Apple at the end of June and there is nothing further to say."

While investors may react negatively to the news on Monday, when stock markets re-open, analysts say Wall Street is broadly prepared for Jobs' shift to a role that sees him focusing on big pictures ideas and products at Apple.

Chief Operating Officer Tim Cook has been managing the company on a day-to-day basis in Jobs' absence, and is expected to continue to do so if Jobs does not return to the role full-time, analysts say.

The Journal, citing an unnamed source, said the 54-year-old Jobs may return to work part-time at first, with Cook taking on "a more encompassing role."

"The situation seems a lot more complex than it originally appeared," said Collins Stewart analyst Ashok Kumar. "Investors tend to react negatively to uncertainty, especially when it concerns an individual who's had a larger-than-life impact."

Others said investors were aware of the risk surrounding Jobs and that it had been factored into Apple's share price.