Best Buy dropped the price of the 16GB iPhone 5 to $150 last month, and Walmart bested that with a $127 iPhone. Now Best Buy says lost a whole $65,000 on this one product in just one day because it was forced go meet that lower price.
In a recent WSJ article, Best Buy alleges that Walmart's offer wasn't made in good faith; it didn't, Best Buy claims, have enough stock to meet the obvious demand. So when people came running from allegedly empty handed Walmart to the electronics retailer to claim their new Apple phone, Best Buy had to match the price, which made the store lose out on that extra $23 per phone. Walmart says Best Buy is just jealous, and claims it had 98 percent availability at all of its locations. But the whole thing really isn't that surprising, because this is exactly the kind of move you'd expect from Walmart. [WSJ via SlashGear]