Oppenheimer equity research analyst Yair Reiner has noted to clients this week that AT&T is paying Apple a $325 subsidy on each new iPhone 3G sold in the US.
The analyst also adds that AT&T is paying Apple an added $100 for each new subscriber to AT&T signed up through Apple's brick-and-mortar stores.
The subsidy on the iPhone is said to be more than 50-percent higher than most other smart phones which are typically subsidised by around $200.