Report: Your new $999 iPhone X cost Apple only $358 to make

It's a given that anytime to buy some fancy new-fangled electronics product that you are going to pay more than what the item cost to make. The company has to make a profit, right?
Well, Apparently, Apple is making around quite a haul on the just-released iPhone X - to the tune of a 64% margin, according to a new report.
Tech teardown firm TechInsights is reporting that Apple's newest iPhone, which costs $999 for the 64GB model and $1,149 for the 256GB model, only costs about $357.50 to make. The profit margin for the $699 base iPhone 8 is also around 59%.

Al Cowsky, the costing analyst for TechInsights, told Reuters that Apple can get away with that kind of pricing because the company is the "800-pound gorilla" in the electronics industry. The site, which is planning to publish its iPhone X analysis later this evening, said that the iPhone X's 5.8-inch OLED display and related parts cost Apple about $65.50, while the older-tech LCD screens of the 4.7-inch iPhone 8 handsets run about $36.

The iPhone X also uses a stainless steel case, which normally runs about $36. The iPhone 8 still uses an aluminum case for $21.50. Cowsky said the steel case represented a "lesson learned" from the case-bending problems of the aluminum iPhone 6 when it first launched in 2014.

Both iFixit and TechInsights gave teardown reports on the iPhone X last week.