IHS compared the Lumia 900 with an Android phone, partly to note how it might compete in the low-cost smartphone market now dominated by Android. Even lower memory densities are possible for use by Windows Phone, IHS said, which would allow production of even more cost-competitive smartphones in the future.

IHS didn't comment on AT&T's $100 price for the phone. Some analysts, including those at Forrester Research, believe Nokia and Microsoft have absorbed much of the difference between material costs and retail price, giving AT&T an exclusive and AT&T's .

Regarding the full range of components in the Lumia 900, IHS said Qualcomm was the biggest single supplier, providing the applications processor, baseband processor, power management and radio frequency transceiver. Together those components cost $64 of the $209 total cost.

The largest single item was the display and touchscreen from Samsung Mobile Display, which cost $58, or 28% of the total. That compares to $64 for the Skyrocket's display and touchscreen. IHS said that Micron Technology supplied the 16GB of NAND flash memory in the particular Lumia 900 IHS tore down, while Elpida Memory made the synchronous DRAM component.

Both the NAND and DRAM are commodity components and Nokia is likely to rely upon other suppliers as well, IHS added.