Apple Lowers the Price of 8 GB iPhone 3G to $99.00 - Apple unveiled their newer and cheaper version of the popular iPhone on Monday amid a veil of secrecy. Hundreds of investors, customers and developers met at the Apple Worldwide Developers Conference in San Francisco to see the latest high-tech phone. However, in an effort to appeal to consumers affected by the recession, Apple has cut the price of their entry level phone to $99.00. They’re hoping that the cut in price will generate sales of the phone. But Apple’s shares slid 0.6 percent to $143.85 after a 6.5 percent climb in the week leading up the expected unveiling.

Apple Lowers the Price of 8 GB iPhone 3G to $99.00

According to AOL online, Marketing Chief, Phil Scheller has said that apple is selling “the 3G at a breakthrough price of $99.00.” He told the crowd “That starts today.” Morgan Stanley estimates that sales would double with their new iPhone. Scheller believes that the $99.00 phone will appeal to people just joining the smartphone market. And industry analyst Michael Gartenberg said that new iPhone breaks an important barrier for consumers and will possibly cause other smartphone manufacturers to offer a similar product.

With all the publicity regarding the new iPhone, a concern has been the absence of CEO Steve Jobs who has been absent from the announcement and the public for months because of health issues. His lack of appearance, as expected, created a lot of suspense and speculation regarding the seriousness of his health. Jobs is a pancreatic cancer survivor who took a leave of absence in January as CEO saying that his health problems were more complex than he previously thought.