For those outside the US, a GPA of 2.65 / 4 is considered pretty mediocre. Jobs never thought of himself a good student, and in fact, is one of the most famous college drop outs to make huge fame and fortune for himself. He prefered to learn in different ways and didn't enjoy much for the structure of schools.
This information was gathered from some recently revealed documents that the FBI made when they made a background check on Jobs for a possible nomination to pres. George HW Bush's administration.