Things are moving. Apple started selling its iPhone through exclusive deals, high priced devices and (high) revenue-sharing (numbers between 20% and 30% were rumored). The model seems working well in the US where ATT has sold some 10m units and gained new customers. In Europe, success is less impressive and exclusive rights are in conflict with the European law (remember Germany case). In addition, most operators have lowered iPhone price in an unexpected manner, to maintain interest in an EDGE product. Nevertheless, iPhone is a hot topic and most service providers are eying to sell the product and related services. Most recent deals are from Vodafone (in 10 markets), Telecom Italy, America Movil, Ft again in additional countries, etc... But these deals reveal three major changes: the first is that several vendors are allowed in one market, meaning that exclusivity is no more warranted; the second change is rumored to be with lower or no royalties. The revenue-sharing business model has gone. The third is that recent deals include demand for a 3G devices that could be announced in June for shipment by the end of the year. What can be said also is that Apple is very reactive and customer driven.

FT reported pretty good results, both in revenues and margins. 1Q08 revenues amounted to €13bn, up 1.4%, while EBITDA grew 3% to €4.8bn with an EBITDA margin of 36.8% (+0.5pp). Most items were reported above forecasts. Growth was driven by good results in the mobile business in Europe and Africa, and cost control. With the results, FT is on track achieving 2008 goals of cash flow over €7.8bn and a stable EBITDA margin. The possible bid for Teliasonera marked the quarter, and FT reiterated its interest in the Nordic markets and more generally in consolidation in Europe and emerging markets.