Jobs returns to Apple part time after 6-month medical leave

SAN FRANCISCO -- "Steve is back to work," Apple spokesman Steve Dowling said. "He's currently at Apple a few days a week and working from home the remaining days. We're very glad to have him back."

Apple shares nudged down 47 cents, to $141.97, in trading Monday. But the stock price has steadily risen since late May in anticipation of Jobs' return, says tech analyst Gene Munster of Piper Jaffray.

Official word of Jobs' return follows months of speculation about him and the future of the company he co-founded more than 30 years ago.

The health of Jobs, 54, has been an issue since he was treated for a rare form of pancreatic cancer in 2004.

After initially blaming a severe weight loss on a hormone imbalance, Jobs this year said his health-related issues were "more complex" than he originally thought, requiring a medical leave. He vowed to return by the end of June.

Two months ago, Jobs underwent a liver transplant in Memphis. Apple had no comment on the procedure.

In recent weeks, Jobs had popped up at Apple's campus in Cupertino, Calif., and e-mailed employees with work-related comments.

Last week, he issued his first company statement in months to announce strong sales of the latest iPhone.

During Jobs' absence, Apple Chief Operating Officer Tim Cook oversaw day-to-day operations. Cook's performance eased Wall Street's concerns about the company's ability to thrive without its iconic leader.

"No question, it has operated smoothly under Cook," Munster says. "They had two good quarters when most companies struggled," and Apple continued to pump out good products, including its new iPhone, which has sold in record numbers.

Some analysts predict Jobs could eventually move into an advisory role, where he would focus on products and strategy, and Cook would become CEO.

"For all intents, Cook has been the acting CEO for more than six months," Munster says.