In just two years, the iPhone has gone from zero to Apple’s strongest growth story. Just this past weekend, Apple (AAPL) sold more than 1 million of its new iPhone 3G S devices — a very impressive launch.
On a GAAP basis — Apple records iPhone revenue over 2 years — Piper Jaffray analyst Gene Munster expects the iPhone segment to contribute $1.65 billion of Apple’s revenue this quarter, or about 20% of his total $8 billion sales estimate for the company.
But on a non-GAAP basis, swapping in Munster’s estimates of Apple’s “booked” quarterly iPhone revenue — money as it actually comes in — as we did in the chart below, it’s even more impressive.
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