With three jaw-dropping cameras, a pixel-perfect screen, and a powerful processor, the top iPhone models understandably fetch a steep price.
Apple's flagship model, the iPhone 14 Pro Max, starts at a whopping £1199—a price many iPhone fans are more than happy to pay.
But new research suggests that it costs Apple much less money to make these iPhones than they're selling them for.
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A report from Counterpoint Research broke down the cost of all the materials used in a 128GB iPhone 14 Pro Max, and apparently it only costs Apple around £385 to produce.
In what's called a 'blended bill of materials', the researchers combined the prices for everything from the iPhone's camera and battery to the display and processor, and found out that it costs Apple less than half of the phone's retail price.
Apparently most of the cost comes from the phone's A16 bionic processor, which accounts for more than 22% of the total material cost.
The camera has also driven up the price of the new iPhone 14 Pro Max, due to its quad-pixel image sensor that's 65% larger than the previous iPhone 13 Pro Max.
It's worth noting that you're not just paying for the gadget itself when you buy an iPhone. Apple spends millions of dollars every year on developing new technology and researching new features, as well as investing a hefty amount in advertising.
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Fortunately, you don't have to fork out for an iPhone 14 Pro Max to enjoy some of Apple's latest features.
The latest version of iOS 16.3 is available to the vast majority of iPhone users and includes a number of big privacy upgrades.
Last month Apple released a new feature that secures all your files, photos and videos on iCloud using end-to-end encryption.
The feature, called Advanced Data Protection, ensures that even Apple can't access your protected data, giving you much more peace of mind over your privacy.
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