Apple and Samsung are grabbing virtually all the profits in the red-hot smartphone market while most other makers are losing money.
That's the finding of analyst Mike Walkley, of Canaccord Genuity, in a research note based on his latest global handset survey.
"We estimate Apple and Samsung combined to capture a remarkable 109 per cent of third quarter handset industry profits," Walkley said.
Walkley says other manufacturers such as BlackBerry, Nokia, LG, HTC and Motorola are operating at a loss.
He estimated that Samsung shipped 84.8 million smartphones in the quarter and "captured an impressive 53 per cent of handset industry profits".
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Apple meanwhile, which launched two new iPhones late in the quarter, "increased its share of industry profits from 53 per cent in the second quarter to 56 per cent in the third quarter due to slightly higher sequential iPhone unit sales but also primarily due to more pronounced struggles from other" manufacturers.
A Gartner survey released on Thursday showed Samsung had 32 per cent of the global smartphone market in the past quarter, to Apple's 12.1 per cent.
