
Bernstein Research analyst Toni Sacconaghi said analysis of sales numbers from Apple and AT&T revealed about 1.45 million phones were “missing in action ” at the end of 2007.
About 480,000 of those iPhones were believed to be held by AT&T as inventory, leaving another 1 million phones, or 27 percent of the total, that Sacconaghi said were “unlocked” so they could work on non-AT&T networks.