While that is an impressive figure, it is not quite the same as saying that 40% of iPhones are bought by businesses, which is how some reports have interpreted Spear's comments.

In fact, analysts say it is probably true that 40% of iPhone users buy the smartphone and then use it for personal as well as basic work tasks such as access to e-mail.

"I'd believe that four out of 10 purchasers of iPhone also use them in business, but to say that 40% of iPhones are being bought by enterprises -- that's ludicrous," said Jack Gold, an analyst at J. Gold Associates.

Spears made the comment that "four out of 10 sales of the iPhone are made to enterprise users" during a Barclays Capital Communications, Media and Technology conference. An of his comments is available on the Barclays site.

But at least one report, on ZDnet, wrote this headline from Spears' comments: "AT&T exec: 4 out of 10 of our iPhone sales to enterprises." Gold said for that to be true, 4 million or more iPhones have been bought by large companies, which he doesn't believe is so. "I believe Spears is spinning things," Gold said.