International growth played an important part in Apple's better than expected quarterly results. The company reported 131% year-over-year growth in iPhone unit sales for the quarter in addition to improvement in overall margins. We estimate that the iPhone constitutes about 50% of our $294 price estimate for Apple's stock. High growth came from Asia Pacific where iPhone unit sales grew 474% year-over-year, Japan grew 183%, and Europe grew 133%. We highlighted in our previous article how Apple's stock could exceed $300 if iPhone unit sales growth were to trend in line with quarterly growth in 2009. Below we explain how iPhone market share is expected to trend and why Apple's stock is increasingly dependent on iPhone sales in international markets where additional distribution and pricing will be important. iPhone Market Share Expected to Grow Fast Apple iPhone's market share has increased from 0.3% in 2007 to 2% in 2009.