The iPhone X does not cost as much as you might think — well, not to Apple, at least.

A new report published Monday shows the smartphone maker pockets nearly two-thirds of the money from the $999 smartphone, with just over a third spent on the actual components. The news comes just days after the phone hit shelves, with fans lining up globally to be among the first to get their hands on the device.

The true figure, according to a report from component analysis firm TechInsights that was provided to Reuters, finds that it costs Apple $357.50 to make the $999 model with 64GB of internal storage. That means the phone has a gross margin of 64 percent. Bear in mind that these are the costs for the components themselves, and won’t take into account longer-term costs like research and development.

Perhaps most surprising, though, is the relative cost of the iPhone 8. Unlike the radical redesign of the iPhone X, Apple’s $699 smartphone uses a very similar design to the iPhone 6, first released in 2014, and its successors. It has the same choice of 4.7-inch and 5.5-inch screen sizes, but switches out the aluminum back in favor of glass to enable wireless charging.

The new Apple iPhone 8 is displayed at an Apple Store on September 22, 2017 in San Francisco, California.
The new Apple iPhone 8 is displayed at an Apple Store on September 22, 2017 in San Francisco, California.

The iPhone 8, though, has a gross margin of 59 percent for the $699 model, meaning it costs around $286.60 to produce. The findings are interesting as it suggests Apple is making less of a profit from the iPhone 8, even though it lacks the exotic features found on the iPhone X like the face recognition scanner, custom-made OLED screen, and dual lens camera with optical image stabilization.

Apple did make a number of design decisions that pushed up iPhone X costs compared with the iPhone 8, though. The 5.8-inch OLED screen costs $68.50, where the older LCD screens cost $36. Similarly, the stainless steel band around the X costs $36, more than the $21.50 aluminum case on the 8.

No matter the cost of internal components, consumers will have to pay a pretty penny if they end up breaking their new phone. Outside of AppleCare+ plans, which extend coverage for up to two years at a price of $200, a new front screen repair for the iPhone X will set you back $279. Thanks to the awkward design of the rear of the phone, a smashed rear glass will cost a staggering $550 to repair. Under the care plan, these figures drop to $29 and $99 respectively.