“When [UBS analyst Maynard Um] totes up the sales numbers coming in from Apple’s U.S. carriers, his 30 million estimate doesn’t sound quite right,” Philip Elmer-DeWitt reports for Fortune.

“On Wednesday, for example, Verizon (VZ) reported sales of 4.2 million iPhones in the Christmas quarter, more than twice the 2 million the carrier activated in the September quarter,” P.E.D. reports. “As Um wrote in a note to clients Wednesday… ‘If US mix was similar to the high from FY10 of 38% for CY4Q, it would imply demand for ~43.6mn iPhones (albeit unlikely that high given lower supply relative to demand).’”

P.E.D. reports, “The 43.6 million number that Um finds so unlikely is 45% higher than his official 30 million estimate.”

Read more in the full article here.

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