(Bloomberg) -- Apple Inc. Chief Executive Officer Steve Jobs apologized to customers who paid full price for the iPhone before he cut the cost by $200 on 5th of this month.
In an open letter on the company's Web site, Jobs said users who bought the phone before the discount and got no other rebate will receive $100 in credit at Apple's retail or online stores.
``Our early customers trusted us, and we must live up to that trust,'' Jobs wrote today. ``We apologize for disappointing some of you, and we are doing our best to live up to your high expectations of Apple.''
The rebate and price cut raised concern that demand may have stalled, hurting Jobs's effort to sell 10 million iPhones in 2008 and take on Research In Motion Ltd. and Motorola Inc. Cupertino, California-based Apple plans to sell its millionth iPhone by the end of this month. The iPhone, a combined iPod media player and mobile handset, went on sale June 29 for as much as $600.
Apple shares fell $1.75, or 1.3 percent, to $135.01 at 4 p.m. New York time in Nasdaq Stock Market trading after a 5.1 percent slump yesterday. The stock has gained 59 percent in 2007.