Following the $200 price cut of the Apple iPhone device, many of those who purchased their innovative cell phones condemned Apple for reducing the price by 33% just two months after the release. Apple’s chief executive Steve Jobs has issued an open letter to those not happy with their purchase saying that the company will give them $100 back.

“I am sure that we are making the correct decision to lower the price of the 8GB 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,” the letter by Steve Jobs reads.

Many customers in various forums of web-sites dedicated to products of Apple felt upset because of the price drop, as not only they had to pay $200 more compared to the latest price-point, but they also had to spend quite some time getting their phones and also had to face all the issues and glitches that the early models might have. But Mr. Jobs claims that it is okay to drop the price by one third two months after the device introduction as technology evolves and if all customers waited for the next price cut all the time, they would never bought anything.

“There is always change and improvement, and there is always someone who bought a product before a particular cutoff date and misses the new price or the new operating system or the new whatever. This is life in the technology lane. 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,” Mr. Jobs believes.

In order to provide the early adopters of iPhone some kind of relief, Apple has decided to offer every iPhone customer who purchased an iPhone from either Apple or AT&T, and who is not receiving a rebate or any other consideration, a $100 store credit towards the purchase of any product at an Apple retail store or the Apple online store. Details are being worked out and will be posted on Apple’s web-site next week.

“We want to do the right thing for our valued iPhone customers. We apologize for disappointing some of you, and we are doing our best to live up to your high expectations of Apple,” the head of Apple concluded.