Nothing captures the essence of Apple's overwhelming success with smart phones better than the graphic below comparing the trends in market and profit shares of all global cellphone makers. Apple has virtually decimated the field by capturing more than half the market profits since iPhone was launched in 2007, and that too with just 4% market share.
It sure helped that Apple could make a super-normal profit of $360 from an iPhone 4 which retailed for $600.
This market share is certain to fall. But it should take nothing away from Apple's spectacular success in such a competitive, dynamic and technology-intensive market.