Apple\’s iTunes App Store may be the biggest mobile application around, but it\’s not much of a revenue generator for the company. The company claims it runs the App Store at \’a bit over break-even\’ and, according to an analysis by Piper Jaffray analyst Gene Munster, that is indeed the case. Extrapolating from metrics provided CEO Steve Jobs during his WWDC keynote earlier this month–$1 billion paid to developers for 5 billion free and paid app downloads–Munster figures the App Store has contributed only $189 million to Apple\’s total gross profit since it launched. That\’s about 1 percent of the company\’s $33.7 billion gross profit…..

(View the rest of the article at Figuring Apple\’s App Store gross profit | Apple – CNET News)