Apple Slashes Price for 8 GB iPhone, Drops 4 GB Version *UPDATED*

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In addition to unveiling a new handheld yesterday, Apple has made some big changes to its iPhone line, including dropping the price for its flagship model.

Apple iPhone

Just two months after the launch of its first smartphone, Apple is slashing the price for the 8 GB version of the iPhone by a third. As of now, this device is selling for $400, which is $200 off the original price.

Apple gave no reason for the price drop, but it has set off a round of speculation that sales of this device aren’t meeting the company’s expectations. Still, CEO Steve Jobs said yesterday that the iPhone is still on track to hit the 1 million shipped mark before the end of Apple current fiscal quarter.

In addition, the company is dropping the 4 GB version of the iPhone, Apple didn’t give a reason for this move either, but most agree that it was due to low sales of this version. The vast majority of iPhone buyers went for the version with higher storage capacity.

Apple is selling off the iPhone 4G for $300 while supplies last.

A Refund?

Steve Jobs doesn’t appear to have much sympathy for those who just shelled out $600 for a device that now sells for much less. He told the USA Today, "If they bought it this morning, they should go back to where they bought it and talk to them. If they bought it a month ago, well, that’s what happens in technology."

In the hours since this announcement, some iPhone users have reported success getting a $200 refund from Apple or AT&T stores even if they bought their smartphone more than 30 days ago.

UPDATE: Steve Jobs has published an open letter on Apple’s web site in which he address the complaints from those who, because of the very quick drop in the iPhone’s price, feel that they paid too much for this product:

Even though we are making the right decision to lower the price of iPhone, and even though the technology road is bumpy, we need to do a better job taking care of our early iPhone customers as we aggressively go after new ones with a lower price. Our early customers trusted us, and we must live up to that trust with our actions in moments like these.

Therefore, we have 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 still being worked out and will be posted on Apple’s website next week.

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