The iPhone SE might be on sale for £359, but according to one new analysis actually costs Apple only around $160 (£115) to build.
The news comes via our pals at TechRadar, who cite a new study by IHS who took apart the new phone and priced up all of the components- which added up to $156.20. They rounded it up to $160 to account for manufacturing costs.
The rest of the cash on the shelf price isn't pure profit, of course, as Apple has to spend money on shipping, marketing and everything else - but it does suggest Apple is making a pretty healthy profit on each SE sold. Interestingly though, according to an earlier analysis by the same firm, the iPhone 6S Plus only costs roughly a third of its sale price to make - suggesting the larger phones are even more lucrative on a per-device basis.
The iPhone SE was released last month as Apple's bid for a slice of the price-conscious middle market. The phone takes the size and shell of a 5S, and packs in a 6S's innards - including NFC for Apple Pay functionality.
As TechRadar notes, the rest of the IHS teardown revealed that on the inside, the SE is very similar to iPhones past - certainly in terms of the 5S shell, with IHS Senior Director Andrew Rassweiler commenting that "the only significant tradeoffs a consumer would make with the iPhone SE against the iPhone 6S is smaller size and lower screen resolution".