Apple’s Smart Cover for iPad makes more than £300 million for the company each quarter, says analyst.

The Inquirer reports that Arete Research analyst Richard Kramer said at the Open Mobile Summit in London: “Apple is one of the first manufacturers to move its focus away from mobile hardware, as seen with the iPad Smart Cover.”

“The majority of iPad users own [a Smart Cover], which brings Apple in a $500m (£319m) fortune each quarter,” said Kramer.

Kramer went on to say: “There’s a huge problem with differentiation for mobile device vendors, and it’s a growing concern.”

He believes that many average consumers think that smartphones from companies such as LG, Sony and Motorola, all look like ‘fat black slabs’, and he believes this trend will come to an end in 2013.