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Apple takes home 94 percent of smartphone market profit

Apple only accounts for 15 percent of the mobile market share, but in profits, the company is taking the lion’s share, according to Canaccord Genuity. In a report published earlier this week, Canaccord claims Apple takes 94 percent of the smartphone market profits.

That is quite a large percentage, even larger than the previous quarter where Apple apparently took home 92 percent of the industry’s profits. Samsung is the only other mobile company making a profit, at 11 percent. The odd percentage is rounded out due to all of the companies failing to make any profit in the third quarter, like Lenovo, HTC, and Sony.

Related: Tim Cook says Apple will not build a converged Mac and iPad

Part of Apple’s success is the ability to sell a large amount of phones out of the gate with zero reductions. The company recently reported 13 million iPhone 6S and 6S Plus sales in the first three days, surpassing previous records.

The fourth quarter is set to be even stronger for Apple, as the iPhone 6S, 6S Plus, iPad Pro, and Apple TV come into the holiday season. Only 31 percent of the iPhone customer base have upgraded, according to Investors Business Daily quotes analyst Michael Walkley, giving Apple plenty of room to sell more iPhones.

Next year, Apple might look into expanding operations in India, with the go-ahead from the government to open retail stores in the country. The company is already successful in China, but lacks the same influence in India; the next potential economic superpower.

To win customers in India, Apple might be planning to launch a revamped iPhone 5S with higher-spec internals and a cheaper price. The phone would still be more expensive than Xiaomi, Samsung, and Micromax alternatives, but customers might be drawn to the logo and willing to spend more for the premium brand.