FORTUNE -- According to Canaccord Genuity's Michael Walkley, Apple (AAPL) and Samsung managed last quarter to split all the world's profits in mobile phones -- 56% Apple and 53% Samsung -- and come up with a total of more than 100%.
That only makes sense if you accept two premises:
Ignoring ZTE, TCL and the other Chinese manufacturers was a matter of necessity, according to Walkley, due to the lack of what he calls "available profit metrics" (i.e. quarterly reports).
The question of how market researchers account for so-called Chinese white box devices -- often cheap, underpowered knockoffs -- has become a sore point for companies such as Apple that don't believe their high-end products are in the same market.
For an Apple-centric take on the issue, see Daniel Eran Dilger's The curious case of IDC, Gartner & Strategy Analytics' PC, phone & tablet data on Apple posted Saturday on AppleInsider.com.
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