Find out how much an iPhone 7 costs to make

The iPhone 7 is out there in the wild, and the cheapest 32GB model will cost you €779 direct from Apple in Ireland.

That's a pretty penny but it certainly won't get in the way of the smartphones massive success, especially among Apple fans who are already tied into the ecosystem and a revolving door of contracts.

That's the retail cost but what does it actually cost to make one of these units? IHS Markit tore one to shreds in search of an answer, and needless to say it's way off the mark.

They estimate that including all materials and labour each 32 gig model of the iPhone 7 costs $225 (€201) to build. Locally, that's a markup of more than €550 on each and every unit sold.

Of course this is a business and Apple wouldn't be in it if they didn't make a tidy profit. IHS reports that the iPhone 7 appears to be considerably more expensive to put together than the iPhone 6S, costing more than $35 more for each unit made.

The new iPhone is water resistant for the first time and features a higher quality display, while also dropping the headphone jack. Available now in Ireland.