I disagree.
The people responsible for these decisions have first and foremost a passion for innovation and creating the best products which reflects upon them as being the best. Selling phones and profit is an after-thought to these people who are wealthy beyond our wildest dreams. And they know well that profits, the best profits come as a result of their genius work and innovation.
To say they are just profit hungry is unfair and generally ignorant. Even their expensive prices serve a purpose beyond just making profits. It's meant to create value and consumer pride of ownership.
Bobby: http://9to5mac.com/2012/07/26/apple-makes-as-much-profit-on-one-iphone-as-it-does-on-two-ipads/
They make anywhere from 50-60% profit off a single iPhone sale. There have been reports in the past (back in 2011) where some profits show they could be as high as 75% (look it up yourself) per iPhone sale. It doesn't need to be that high.
Not to mention everything Wrathwitch said.