Apple spends at least $188 in component costs to make each of iPhone 4S, according to consultancy and research firm IHS iSuppli.

In spite of the near-universal disappointment felt when Apple did not launch an all-new iPhone 5 at its Let's Talk iPhone event, iPhone 4S has had a tremendous response from consumers.

The cost to make iPhone 4S, which starts at $199 for the 16GB version with a wireless plan contract, totals at least $196 when $8 in manufacturing cost is added, according to an analysis by IHS iSuppli.

Apple has never revealed how much it costs to make the iPhone, which accounts for about 40 percent of its revenue. The bill of materials, or cost of all components, for a 32 GB version is $207 and the high-end 64GB version is $245. The estimates account only for hardware costs and do not include other expenses such as software, licensing, royalties or other expenditures, IHS iSuppli said.

The demand for the new iPhone is exceptionally high. Sprint has accompanied Verizon Wireless and AT&T as the third wireless carrier to support the new iPhone. With both CDMA and GSM networks, the new iPhone 4S functions as a world phone. During the Let's Talk iPhone event, Apple CEO Tim Cook mentioned that 93 percent of Fortune 500 companies are testing and deploying iPhones in their workplaces.

Apple launched iPhone 4 in just five countries last year - the U.S., UK, France, Germany and Japan. This year, Australia and Canada also joined the party, with an opportunity for another 55 million people to buy the phone on its launch day.