"iSuppli did its thing to the new buttonless iPod Shuffle, tearing the device down an evaluating the price of its components. According to the company, the manufacturing price for the diminutive MP3 player is roughly $21.77, including the device itself, headphones, and package."
And there you have it. Apple is turning a profit on every Shuffle. Contain your shock. Cue anti-Apple zealots complaining about how they make "too much" profits in 3... 2... 1...