Morgan Stanley: What iPhone really needs is more carriers

In a series of well-researched charts, Morgan Stanley's Katy Huberty has put her finger on the one factor -- all others being equal -- that really drives smartphone sales: The number of cell phone operators that sell the thing. In a report issued to clients, Huberty shared the results of an analysis of 760 carriers in 225 countries from 2007 to 2001. Over the past five years, the growth in total subscribers per year (17%) was split roughly 50/50 between new subscribers on existing carriers and subscribers signed up on new carriers. This holds true in spades, Huberty suggests, for Apple's iPhone, which since 2007 has gone from one carrier -- AT&T -- to nearly 230 carriers in 105 countries.

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