Apple's iPhone margins may be closer to 20 percent than the estimated 50

So we heard that Apple would be making 50 percent per iPhone, but leading anaylists are now taking a second look. Apple's cost, including integration, is well above $300 for the 4 GB model. After the costs associated with building, shipping, marketing and selling the iPhone are included, it looks like just a 20 percent profit for the iPhone.

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