With its offer of a $100 store credit to existing iPhone customers, Apple (NASDAQ:AAPL) didn't waste time realizing and admitting its mistake in cutting the price of the iPhone so soon after its roll out.
As I pointed out here in my prior item yesterday, it would be understandable if early iPhone buyers got a sudden case of buyer's remorse. To Apple's credit, it moved swiftly to resolve the possible hit its image was about to take.
Still, cutting prices on the iPhone at this point in its cycle clearly appears to have been a poorly thought out decision by a company the appears to be falling into the trap of believing its own press clippings. If nothing else, the price cut shows how even Apple, for all of its creativity and the good that it has done, can stumble.
That's something Apple investors might want to keep in mind going forward.