Price slash: "We want to do the right thing"
gallery apple apologies iphone price

Just two months after the original iPhone went on sale for $599, Apple dramatically dropped the price to $399, citing its desire to make the iPhone "affordable by even more customers."

Customers that had bought it at the higher price were outraged, prompting Steve Jobs to write an open apology on the company's website.

"I have received hundreds of emails from iPhone customers who are upset about Apple dropping the price of iPhone," he wrote. "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. Our early customers trusted us, and we must live up to that trust with our actions in moments like these."

The company agreed to give anyone who bought an iPhone for the $599 price a $100 Apple store credit.


  @DavidGoldmanCNN - Last updated September 28 2012 03:03 PM ET
Join the Conversation
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.