Apple founder Steve Wozniak is off-message with respect to the rationale for Apple’s iPhone price cut:
Stephen Wozniak, the co-founder of Apple, told The IBC Daily that he thinks Apple’s decision to drop the price of the iPhone by up to 50% only two months after it went on the market was “an accidental error” and that he “hasn’t talked to anyone who thinks it was a good idea.”
The man who is often called the “other Steve” in reference to his more high-profile friend and Apple co-founder Steve Jobs, Wozniak said he “feels badly” about the early price cut because of all the people who had only recently shelled out $600 for the new iPhone. “My opinion about why they did it is that they have a large inventory and they are set up to build more than they have sold by a bit and they have to keep things moving,” said Wozniak. “It happened to every technology product with the price coming down – but you don’t expect it to be two months, you expect it to be at least a year.”
Wozniak is a loose cannon — this is the same guy who raked Apple for adopting Intel chips, and recommended the company sell off iPod — so I don’t read ever-much into this, but it’s still going to get some people’s attention.
Relatedly, more here on how most analysts are calling for AAPL stock to bounce back quickly from the current weakness.