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  • UBS took things a step further than IHS, however, and calculated gross margins for the devices when all the other cost factors are concerned. (IHS looked only at bill of materials and assembly.) If you throw in the cost of the box, the contents in the box (headphones, charger, cable), manufacturing, shipping and other factors, UBS says gross margins are between 45% and 55% for the 5s and between 4
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