Apple generates 52% of all handset profits despite only selling 4.2% of all handsets

"With the iPhone, Apple is doing to the smartphone business what it has done to the PC business with the Mac: Generating a disproportionate share of profits relative to revenue.
In its third quarter, Apple captured more than half of the handset industry’s overall operating profits — 52 percent, according to Canaccord Genuity analyst T. Michael Walkley. And it managed it with only a 4.2 percent global handset unit market share."
Source:  AllThingsD, 4th November 2011
Note - Oppenheimer say that it's 65%