Apple Making $432 Per AT&T iPhone Activation

It has been rumored for some time that Apple was making money from every AT&T iPhone contract that was signed. The Financial Accounting Standards Board has forced Apple into giving up the goods. Not only does Apple get a cut from each iPhone activation, the sum of money made from AT&T activations is estimated to be more than the retail cost of the phone itself. According to Gene Munster, after doing the math, it is estimated that Apple makes $432 from each iPhone activation.

Apple hasn't given specifics, but they are required to report their revenues. Any earnings anticipated in the future, such as the ones Apple gets from AT&T for iPhone plans, they are reported as "deferred revenues". Because Apple is obligated to report this number, Gene Munster was able to determine the average deferred revenue of each iPhone.
[via Gizmodo]