Cupertino, Calif. - A day after slashing the price of its iPhones by $200, Apple on Thursday said that it will offer previous purchasers of the product a $100 store credit.

"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," said CEO Steve Jobs in an open letter published on the company's website.

"Our early customers trusted us, and we must live up to that trust with our actions in moments like these."

Customers who purchased an iPhone from either Apple or AT&T who didn't receive a rebate will now receive a $100 credit to Apple's retail or online stores.

Jobs said that he decided to make the move after receiving "hundreds of emails from iPhone customers who are upset about Apple dropping the price of iPhone by $200 two months after it went on sale."

Apple said on Wednesday that it would slash the price of its iPhone from $599 to $399 for the 8GB version.

Related Links:
http://www.apple.com/hotnews/openiphoneletter