Apple's iPhone business

In an investor call with W.R. Hambrecht (WRH), we learnt the following about Apple's business. WRH expects that Apple will sell about 3 to 4.5 million iPhones per quarter. People who need to create business models to get financing for their iPhone APP development can probably use that input. WRH, however, says that they haven't heard from inner circles or anybody else that iPhone apps would turn out to be a major driver of iPhone sales. The analyst firm pointed out that Apple was trading at a 13-year low P/E and it is probably a good time to buy. We tend to agree with that. Further, the Android phone from Google is not expected to compete with the iPhone even though AT&T may offer the Android phone as well. We have to point out that Apple's iPhone revenues are only about 5% of its overall revenues. Apple continues to be a Mac company with 35% to 40% revenues coming from Mac and relates software sales.