Apple Inc., known for its trendy line of iPod digital media player products, sold its millionth iPhone on Sunday, just 74 days after the combination cell phone-iPod went on sale and less than a week after its price was cut by a third. The electronics company previously said it expected to hit the million-sold mark by the end of September. Investors like today's announcement, sending Apple shares up $2.94, or 2.2 percent to $134.71.
On Wednesday, Apple CEO Steve Jobs cut the price of the 8-gigabyte iPhone from $599 to $399 and discontinued the $499 4-gigabyte version. The next day he apologized to those who had paid full price and offered $100 credits to early buyers. In a letter on the company's Web site, Jobs acknowledged that Apple disappointed some of its customers and said he had received hundreds of e-mails complaining about the price cut. Jobs added that "
the technology road is bumpy," and there will always be people who pay top dollar for the latest electronics but get angry later when the price drops. "
This is life in the technology lane," Jobs said in the letter Thursday.
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