"We know that some of you feel Apple has let you down. We apologize. There's been a lot of misunderstanding about this issue, so we would like to clarify and let you know about some changes we're making," the statement said.
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Apple admitted it intentionally throttles the speed of older phones' processors - including the iPhones 6, 6S and 7 - to prevent random shutdowns.
MORE: Apple admits to slowing down older iPhones
In the online statement posted on Thursday, Apple said when their batteries chemically age, their ability to hold a charge diminishes. As it ages, it becomes less capable of delivering peak loads, especially when the charge is low. As a result, the company said their iOS "dynamically manages the maximum performance of some system components when needed to prevent a shutdown."
The revelations spurred widespread outrage from customers, who felt Apple was withholding information about the batteries in an effort to force them to purchase new, expensive iPhones, as well as several lawsuits, including one filed in California.
MORE: California man files lawsuit against Apple for slowing down old iPhones
Apple said in an effort to address the backlash, they would implement a series of remedies.
First, beginning in late January 2018 and lasting for the rest of the year, Apple will reduce the price of out-of-warranty iPhone battery replacement by $50; from $79 to $29, for anyone with an iPhone 6 or later. Those with phones under warranty or who have Applecare will be able to have batteries replaced for free.
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Apple will also deploy an iOS software update in early 2018 to make battery health more visible to users, the company said.
Click here to read Apple's full statement.