Compare that to a different device that the market research firm tore down, the AT&T Samsung Galaxy S II Skyrocket, an Android device with a very similar feature set to the Lumia 900, although superior specs in some areas. The Skyrocket carries a $235.50 BOM, only $26.50 higher than the Lumia 900, but a retail price that is $100 higher.
Interestingly, enough, the iPhone 4S in its lowest price tier costs Apple $196 (including manufacturing) to make.
In both the case of the Skyrocket and the iPhone 4S, Nokia's components are outclassed in some areas. For example, the Lumia 900 uses a single-core SoC, vs. the other two phones' dual-core processors, and its screen resolution is easily surpassed by the iPhone 4S' "retina display."
“With the Lumia 900, Nokia, Microsoft and Qualcomm have taken a page from Apple Inc.’s playbook by closely tying together the hardware and software to produce a full-featured smartphone that is based on relatively inexpensive electronic components. One of Apple’s advantages over Android has been the company’s complete control of both the hardware and operating system software, helping it to produce efficient and economical iPhone designs. For the Lumia 900, Nokia and Microsoft worked in close partnership with Qualcomm to develop and optimize the software stack in order to take full advantage of the hardware. But while Apple capitalizes on its low hardware costs to attain industry-leading margins, Nokia is using this approach to offer an inexpensive phone intended to compete on the basis of price.”
We'll see how this all shakes out in the U.S., where Nokia has been a non-factor for a long time. The Lumia 900 is its first real big to re-enter the U.S., and it didn't start well with the device being released with a rather nasty bug.