Apple annouces compensation for old customers of iphone
SAN FRANCISCO (Dow Jones) - Apple Chief Executive Steve Jobs responded to customer dissatisfaction over the company cutting the price of its high-end iPhone by apologizing and offering iPhone buyers a $100 store credit toward any Apple product.
In a letter posted on Apple's website, Jobs said that while he believes Apple made the right move in lowering the price of its 8-gigabyte iPhone to $399 from $599, "we need to do a better job taking care of our early iPhone customers."
Jobs said the company received "hundreds of e-mails" from iPhone customers upset over the move.
"Our early customers trusted us, and we must live up to that trust," Jobs said. "And we must live up to that trust with our actions in moments like these."
According to Jobs' statement, customers who bought an iPhone from either Apple or AT&T will be eligible for a $100 credit they can use at either Apple's retail or online store. Jobs' statement said the credit would be available for customers not already receiving a rebate for the iPhone.
Apple's current purchase policies say that if the company lowers the price on an Apple-branded product within 14 days after purchase, a customer may request a refund of the difference between the purchase price and the reduced price. The request must be made within 14 days of the price reduction.
Jobs announced the iPhone price cut at an Apple event in San Francisco on Wednesday, in which the company also revamped its line of iPod digital music and video players. Jobs said that in addition to cutting the price of the 8GB iPhone, Apple would only sell the 4GB version of the device, which the company has also cut by $200, to $299, as long as current supplies are on hand.
The move has put pressure on Apple's stock, which fell more than 5% Wednesday and continued to trade down on Thursday. The shares closed trading Thursday down nearly 1.3% at $135.01.
The price cut comes barely two months after the iPhone was released to long lines of customers, many of whom camped outside of Apple and AT&T stores for days in order to be the first buyers of one of the most highly anticipated technology products in recent history.
In a letter posted on Apple's website, Jobs said that while he believes Apple made the right move in lowering the price of its 8-gigabyte iPhone to $399 from $599, "we need to do a better job taking care of our early iPhone customers."
Jobs said the company received "hundreds of e-mails" from iPhone customers upset over the move.
"Our early customers trusted us, and we must live up to that trust," Jobs said. "And we must live up to that trust with our actions in moments like these."
According to Jobs' statement, customers who bought an iPhone from either Apple or AT&T will be eligible for a $100 credit they can use at either Apple's retail or online store. Jobs' statement said the credit would be available for customers not already receiving a rebate for the iPhone.
Apple's current purchase policies say that if the company lowers the price on an Apple-branded product within 14 days after purchase, a customer may request a refund of the difference between the purchase price and the reduced price. The request must be made within 14 days of the price reduction.
Jobs announced the iPhone price cut at an Apple event in San Francisco on Wednesday, in which the company also revamped its line of iPod digital music and video players. Jobs said that in addition to cutting the price of the 8GB iPhone, Apple would only sell the 4GB version of the device, which the company has also cut by $200, to $299, as long as current supplies are on hand.
The move has put pressure on Apple's stock, which fell more than 5% Wednesday and continued to trade down on Thursday. The shares closed trading Thursday down nearly 1.3% at $135.01.
The price cut comes barely two months after the iPhone was released to long lines of customers, many of whom camped outside of Apple and AT&T stores for days in order to be the first buyers of one of the most highly anticipated technology products in recent history.
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