Apple’s stock fell a whopping 4% today after AT&T announced the initial customer activations for the iPhone. The problem appears to be the fact that analysts had predicted that all 400,000 Mac users would purchase and activate an iPhone, but unfortunately only 146,000 of them have so far.

Investors were not too happy to hear that news, especially since they’ve been counting on the fact that Mac evangelists would drive the initial sales and then non-Mac users would start snapping them up because they wanted to be cool, which is what happened with the iPod. Mac loyalists were the only ones buying iPods initially, but when non-Mac users started seeing them walking around with those cool white earbuds, they had to have them too.

Although the iPhone looks cool and uses some snazzy technology, Apple’s decision to go with AT&T was a mistake, because… well, AT&T sucks. But, maybe Apple’s biggest mistake was calling the thing a phone.

Source: Reuters

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