This is according to IHS iSuppli, the independent research body, which said that it costs Apple $196 to produce one of the 16GB models.
However, this price rises when it comes to larger-memory alternatives. The 64GB iPhone 4S, for example, is valued at $245 in terms of materials.
"While the iPhone 4S shares many common design elements with the two iPhone 4 models already on the market, the new device's status as a world phone has resulted in fascinating design and component changes," Andrew Rassweiler, senior director of teardown services for HIS, commented.
Last week, Apple reported a net profit for the year to September 25th at $25.9 billion (£16.5 billion), up 85 per cent from the previous year.
Despite this, the news failed to satisfy Wall Street, where market analysts had forecast even healthier results.
Posted by Simon Jones
