Apple and Samsung collectively accounted for 74% of all phone industry revenue for the first quarter of the year, according to industry analysts.
According to BGR, Apple reported $US11.6 billion in profit from $39.2 billion in revenue, while Samsung reported a record first quarter profit of $US4.5 billion overall, including $3.9 billion from IT and mobile devices.
Analysts at UBS believe that the two companies will account for around 90% of smartphone industry profits during 2012.
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The strong revenues may have long-term implications for the industry, with both companies being able to use their strong financial position to invest a greater amount into research and development than their competitors in the future.