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Research in Motion (RIMM) got slaughtered when it missed its earnings. Now that RIMM has come down in share price, is it a better buy than Apple (AAPL)? After all, as RIMM points out, it's the number one seller of smartphones in the United States.

RIMM still holds a commanding position in the smartphone space. They're right to be proud. It's a great achievement.

What RIMM doesn't say (and, as far as I can tell, no one else has noted) is that Apple has surpassed them in total smartphone revenues. This quarter RIMM reported sales of $4.1 billion in revenue for their whole company. Apple surpassed them, selling $4.6 billion worth of iPhones in Q4 2009 and, more recently, $5.6 billion in Q1 2010. Remember, the iPhone didn't exist until mid 2007. iPhone sales have gone from zero to $5.6 billion in about 900 days. It's very hard to compete against that explosive growth.

Despite selling fewer phones, the ASP for the iPhone is far greater than RIMM's $311. AT&T (T) reportedly pays Apple $600 a phone. Revenue/phone sold for RIMM for the quarter was $388 while Apple's was $638 a phone (see here - pdf). Apple gets a premium on its smartphones pricing, whereas RIMM, Nokia (NOK) and PALM (PALM) are forced to discount theirs. In investing, it's best to follow the growth. And, here, Apple has already left the pack far behind.

Note: Revenue/phone for RIMM is $4.08 billion/10.5 million devices, for AAPL $5.58 billion/8.74 million units.

Disclosure: Author holds a long position in AAPL

Source: Apple vs. Research in Motion: Which Stock Is a Better Buy?