Jobs, Apple (AAPL) issue $100 apology to iPhone buyers

Posted Sep 6th 2007 5:33PM by Tom Barlow
Filed under: Apple Inc (AAPL)

Acting quickly in response to the uproar from those who queued June 29th to snatch up the iPhone at almost $600, only to see Apple Inc. (NYSE: AAPL) drop the price by $200, CEO Steve Jobs today issued a public apology. More importantly, he also announced those buyers would receive a $100 credit at Apple's brick-and-mortar and virtual stores.

Jobs said that the company expects to sell the one-millionth iPhone by the end of this quarter, which makes me wonder why they dropped the price so dramatically and so quickly. Certainly they should have predicted the outcry from early adopters that felt they had been fleeced. In essence, these customers paid $100 to have the phone over the two months between product launch and the price drop. Was it worth it?

The market took a similar bite out of Apple to the one it took out of its customers, as the shares fell $1.75 to close at $135.01.

Tags: aapl, apple, inthenews, iphone, iphone price drop, iphone rebate, iphone store credit, IphonePriceDrop, IphoneRebate, IphoneStoreCredit

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Reader Comments (Page 1 of 1)

9-06-2007 @ 9:11PM

Mr. noitall said...

What, no comments from the Apple Fanboys, who got shafted by backdater Steve? Only a $100 credit? I warned you all about this guy.

9-07-2007 @ 7:57AM

Warren said...

"What, no comments from the Apple Fanboys, who got shafted by backdater Steve? Only a $100 credit? I warned you all about this guy."

Be careful, your bias is showing.

Early adopters pay an early adopter tax. This is not news. The fact that Apple is willing to cover the difference is an act of good faith on their part. Nobody twisted anyone's arm to stand in line on launch day.

In fact, this was likely entirely planned out before hand.

1. New iPhone. Hooray!
2. Early adopters angry. Boo!
3. Rebate for early adopters! Hooray++!

Steve Jobs knows what he's doing, goober.