CHART OF THE DAY

When Steve Jobs announced the iPhone in January, 2007, the collective (private) response from the mobile industry was, "Oh, crap." Rightfully so.

The iPhone blew the industry's existing smartphones out of the water, and forced everyone else to reinvent themselves or go bust. (See our feature, "10 ways the iPhone changed smartphones forever.")

But the most profound effect that Apple has had on the industry is how it has completely swallowed the lion's share of its profits, in a very short period of time, without even commanding much market share. ThisGoldman Sachs research chart, via the FT, shows just how quickly Apple became the profit leader.

Just as impressive: A second chart shows the other side to the story -- how Apple is doing all of this with just 3% estimated share of the handset market in 2010.