“Munster thinks investors are imagining a ‘nuclear meltdown’ in Apple’s gross margin, bringing it as low as 32% by 2015, “including 50% cannibalization of the regular iPhone from the cheaper iPhone, a 15% margin on the cheaper phone, and a 10% margin on the TV,” alluding to speculation Apple will introduce a television set,” Ray reports. “Munster performs his own calculations and estimates margin would fall only to 34% by 2015. That includes a 50% cannibalization of iPhone sales by the cheaper iPhone, at the lower 15% margin, and Apple taking 7% share of the “sub-$400″ smartphone market. He leaves out the impact of a television set, which he thinks could arrive later this year and, assuming a $1,500 retail price, would have a “’modest’ impact on profit margin…”
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