TEXT OF STORY
Steve Chiotakis: Question: what’s the most profitable cell-phone maker in the world? Here’s your clue: It only makes one phone. The answer from Marketplace’s Jennifer Collins.
Jennifer Collins: It’s Apple. The company controls no less than 2 percent of the cell-phone market. But it’s iPhone has made it the most profitable in the industry.
As a result of strong summer sales, Apple snatched that most profitable spot from Nokia. That’s according to the firm Strategy Analytics, which reported Apple made about $500 million more in cell-phone sales than Nokia did in the third quarter.
Thing is, Nokia makes far more cell phones than Apple. The Finnish company controls 40 percent of the market. But analysts say the problem is Nokia hasn’t been able to compete with the iPhone. Yesterday, the company unveiled a phone it hopes will do that. The smartphone is called the N-900.
We’ll have to see if the device is catchier than the name.
I’m Jennifer Collins for Marketplace.