Apple’s first go at a smartwatch just received its second price cut.

Originally ranging in price from $349 to $17,000, Apple dropped the cost of its smaller, 38mm Watch to $299 back in March. Now, three months later, Apple is cutting the price again, this time to $269.

Along with the new price, the watch has gotten a new name — it’s now called Apple Watch Series 1 — following the unveiling of Apple Watch Series 2, which introduces GPS, a brighter display, and a “swim-proof” design.

Apple is also updating the CPU of the first-generation Apple Watch, a response to complaints about the smartwatch’s slow-launching apps.