Apple Offers $100 In-Store Credit To Initial iPhone Customers

Apple Inc. will offer a $100 in-store credit to people who bought the iPhone from either Apple or AT&T ,before the company slashed the price by $200, the company’s chief executive, Steven P. Jobs, said in a statement today.

Yesterday's announcement of the $200 price reduction for the 8GB iPhone was a shock to the system. No one in the industry was expecting it and customers that had already purchased the machine at the $599 price point were fuming mad.

In an open letter to all iPhone customers, Steve Jobs expressed his "observations and conclusions."

"First, I am sure that we are making the correct decision to lower the price of the 8GB iPhone from $599 to $399, and that now is the right time to do it," said Jobs.“Therefore, we have decided to offer every iPhone customer who purchased an iPhone from either Apple or AT&T, and who is not receiving a rebate or any other consideration, a $100 store credit towards the purchase of any product at an Apple Retail Store or the Apple Online Store," Jobs continued.

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