“the healthy operating margins and steady growth of the wireless divisions is powered by iPhone sales and is helping to mitigate the following headwinds to carrier profitability,” Saibus Research writes for Seeking Alpha.

• Declines in wireline revenue and profitability (AT&T, Verizon and Sprint).
• Increased minority interest expense on wireless business — 45% of Verizon Wireless’s profits go to Vodafone (VOD). We’re glad for AT&T shareholders that Edward Whitacre had the foresight and forward thinking to buy out BellSouth in order to gain 100% total control over Cingular Wireless (AT&T Mobility).
• Poor acquisitions, whether executed or not (Sprint, Nextel and AT&T).

“We believe that blaming iPhone subsidies for carrier misfortunes is like blaming defense spending for the U.S. federal budget deficit,” Saibus Research writes.

Full article with Saibus Research’s analysis as to why Apple is the best friend of a mobile carrier can have – recommended – here.