Piper Jaffray analyst Gene Munster estimates that AT&T pays Apple $18 a month per iPhone. And, after some quick math to figure in research firm iSuppli's July estimate that it costs $265 to build each device, which retails for $399, others are now estimating Apple profits $565 per iPhone over two years. No wonder Jobs felt so comfortable shafting the early adopters who paid $599 for their phones.

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