When Apple released iPhone last June 29, 2007, eager fans were excited to receive their first iPhones. Most of these fans ended up waiting in front of AT & T and Apple’s gates during the dinnertime release of the phone.

The 8-gigabyte Apple’s iPhone was introduced to the market at a stunning price of $600 for the latest iPhone model.

10 weeks after, Apple’s CEO Steve Jobs apologized and announced that they are slashing iPhone’s $200 from its original price. Jobs explained that iPhone backlash is all about boosting the holiday sales and that the company is making the right decision and “did the right thing for our valued iPhone customers.”

In return, Jobs offered $100 credits for iPhone’s valued customers but are ineligible to receive any rebate related to this backlash. However, for those customers who recently purchase the iPhone or within 14 days of the price rollback, Apple is to issue refund for the difference provided that these customers have their receipts.

Apple’s announcement created mounting surprise both for the investors and customers. This action resulted to more than 6% drop on Apple’s finances, its stock fell 5% during the Wednesday finance and business news announcements. On Thursday, September 6, 2007, Apple had experienced another hit of 1.3% fall. In line with this, Jobs confirmed that he has been receiving hundreds of concerned customers regarding the backlash. Jobs understands that many may have been disappointed with the decision but he believes that customers still trust them even to this difficult situation.