Two months after the much-anticipated 8-gigabyte Apple iPhone was released for $599, company officials decided to reduce the price -- by $200.
The company decided to slash the price in an effort to boost holiday sales.
"That's how we get repaid for being loyalists?" said William M. Moujaes after he heard the announcement. Moujaes, along with his brother and sister, waited nearly 17 hours in front of the AT&T store on Milan Road to purchase the iPhone the day it was released.
"It felt like they ripped our hearts out," he said.
Moujaes, of Sandusky, was just one of many iPhone owners who were outraged by Apple's announcement Wednesday.
In an open letter to iPhone customers posted on the company's Web site, Apple chief executive officer Steve Jobs said he has received hundreds of e-mails from upset iPhone owners and apologized for disappointing "our valued iPhone customers."
Jobs wrote, "First, I am sure that we are making the correct decision to lower the price of the 8-gigabyte iPhone from $599 to $399, and that now is the right time to do it. iPhone is a breakthrough product, and we have the chance to 'go for it' this holiday season.
"iPhone is so far ahead of the competition, and now it will be affordable by even more customers," he said.
Jobs also noted that technology is constantly changing and improving, and there will always be people who miss out on a product or a good deal.
"This is life in the technology lane," he wrote. "If you always wait for the next price cut or to buy the new improved model, you'll never buy any technology product because there is always something better and less expensive on the horizon."
Jobs said Apple will give $100 store credits for Apple's retail and online stores to customers who aren't receiving rebates or any other consideration.
Moujaes, 21, who attends the University of Akron, immediately contacted everyone he knew to tell them about the credit.
"I'm ecstatic," he said after he found out about the credit. "A $100 drop in two to three months is reasonable -- especially before the holiday season."
Les Wilson of Perkins Township bought the iPhone a month after it was released and said he expected the price to drop.
"If you want state-of-the-art technology it costs a lot of money," he said. "I'm not that upset about it. I had to get something right away, and I paid a little extra to be the first."
Wilson said he is happy he and his wife, who also has an iPhone, were offered store credit. He added that he doesn't remember any other company offering money back following a price reduction.
Apple also announced this week it will phase out the 4-gigabyte iPhone, which retailed for $499.
Both models hit the market June 29.