Canaccord Genuity is out with its quarterly look at the "value share" in the smartphone market. It uses operating profit estimates from each major smartphone maker to come up with a look at which companies are making money.

Samsung and Apple are the only companies with positive share. Apple has 53% of industry profits, and Samsung has 50%. Apple, however, had 71% last year. Samsung was at 37%.

In the chart below, you can see the trend is clear. Samsung keeps taking share, Apple keeps losing share. With Apple planning a lower-cost iPhone, we doubt it's the profit share leader this time next year.