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Acting quickly in response to the uproar from those who queued June 29th to snatch up the iPhone at almost $600, only to see Apple Inc. (NYSE: AAPL) drop the price by $200, CEO Steve Jobs today issued a public apology. More importantly, he also announced those buyers would receive a $100 credit at Apple's brick-and-mortar and virtual stores.Jobs said that the company expects to sell the one-millionth iPhone by the end of this quarter, which makes me wonder why they dropped the price so dramatically and so quickly. Certainly they should have predicted the outcry from early adopters that felt they had been fleeced. In essence, these customers paid $100 to have the phone over the two months between product launch and the price drop. Was it worth it?
The market took a similar bite out of Apple to the one it took out of its customers, as the shares fell $1.75 to close at $135.01.
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