For the eight largest phone manufacturers in Q1 2012, according to Horace Dediu at Asymco, Apple and Samsung combined to take 99% of industry profits (HTC took the remaining 1%, while RIM, LG, Sony Ericsson, Motorola, and Nokia all suffered losses), with Apple earning 73 cents out of every dollar earned by the phone makers. As the industry profits grew from $5.3 billion in the first quarter of 2010 to $14.4 billion in the first quarter of 2012 (quadruple the profits in 2007),[299][300] Apple had managed to increase its share of these profits. This is due to increasing carrier subsidies and the high selling prices of the iPhone, which had a negative effect on the wireless carriers (AT&T Mobility, Verizon, and Sprint) who have seen their EBITDA service margins drop as they sold an increasing number of iPhones.[301][302][303]