The Wall Street Journal reports that Apple snatched away 92% of the Smartphone industry profits for Q1 2015. Apple is able to rake in such spectacular profits due to the high selling price of the iPhone. The average selling price of an iPhone is $659, which is three times higher than the $185 average selling price of an Android Smartphone.

Despite raking in 92% of the Smartphone industry's profits, the number of iPhones sold by Apple account for less than 20% of Smartphones sold globally. The Wall Street Journal report doesn't factor in numbers from privately owned companies such as Xiaomi, Micromax, and others. However, including their data isn't expected to change the final numbers by much.

Apple hopes to repeat their record-breaking sales performance achieved in 2014 with the launch of the iPhone 6s and iPhone 6s Plus later this year.