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)