Apple, faced with an outcry from iPhone customers who bought the device before a sharp price cut, will offer them a $100 store credit, Chief Executive Steve Jobs said Thursday. The offer applies to people who bought iPhones at either Apple or AT&T stores and not receiving rebates or other considerations, Jobs said in a letter posted on Apple's Web site. While Apple has not disclosed how many units it has sold to date, it has reported selling 270,000 iPhones on the first two days and expects to sell 1 million units by the end of September, potentially costing the company tens of millions of dollars.
Apple shares fell 1.2 percent to $135.06 in late afternoon trading on Nasdaq. "Even though we are making the right decision to lower the price of iPhone, and even though the technology road is bumpy, we need to do a better job taking care of our early iPhone customers as we aggressively go after new ones with a lower price," Jobs said.
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