Apple has a funny way of doing math.
Former CEO Steve Jobs had no problem with Android controlling the smartphone market for example.
He said by over-saturating the market by Google putting its operating system on too many phones, the company was inherently making an inferior product.
It turns out that Jobs may have known what he was talking about after all.
It turns out Apple's iPhone has just 4.2 percent of the mobile market but the the Cupertino-based company's sole entry into the smartphone market accounts for than half the industry's profits.
The news comes, according to Canaccord Genuity, whose analyst Michael Walkley said it was "remarkable" that Apple was able to net such a big share of the profit from just one phone.
And he says Apple's share of the pie is only set to grow with its recent iPhone 4S sales.
"With Nokia in the midst of a challenging smartphone strategy transition and our checks indicating RIM and Motorola Mobility continue to struggle in North America given the increasingly competitive Android smartphone market, we believe Apple will gain further value share in the December quarter and could capture over 60 percent of industry profits," he said.
The study focuses on phone makers and not necesarily software developers.
Eight of the largest phone manufacturers all came in with under 10 per cent of the profits.