The iPhone 5 is the single most important factor investors should be focusing on when Apple Inc. (NASDAQ:AAPL) reports after the close. Last quarter, iPhone revenues made up over 47% of total revenue, and since iPhone 5 commands a 68% gross profit margin, it's a huge driver of profitability for the company. It remains to be seen if Apple Inc. (NASDAQ:AAPL)'s prized possession will deliver the goods and push average selling prices higher for Team Cupertino. The fear is that users have been upgrading to iPhone 4/4S models over the iPhone 5, which would drive average selling prices lower for the iPhone family. There could be a number of reasons why Apple Inc. (NASDAQ:AAPL) would miss on its iPhone estimates, but two prominent headwinds that the iPhone 5 faces are that it's cost prohibitive for unsubsidized smartphone users, and that the world's 4G LTE network infrastructure is currently lacking.

The fact of the matter is that the Apple economy is so large that an iPhone miss could be detrimental to its suppliers and perhaps even the technology sector as a whole. That said, I'll be focusing on some of the key component suppliers for the iPhone 5 that could be at peripheral risk of an iPhone 5 miss.

Courtesy: Apple Inc. (NADSAQ:AAPL) Press Info

Qualcomm (NASDAQ:QCOM) Although more diversified than other Apple Inc. (NASDAQ:AAPL) suppliers, Qualcomm provides the iPhone 5 with its 4G LTE modem, as well as other wireless and power components. It's estimated that these components are worth $34 in revenue to Qualcomm for each iPhone 5. If Apple sells 45 million iPhones, the low end of expectations, we're talking about an opportunity that could be worth as much as $1.5 billion for Qualcomm, assuming only iPhone 5s were sold. Last quarter, Qualcomm earned $4.9 billion in revenue, implying that the iPhone 5 has the potential to be worth up to 30% of Qualcomm's quarterly revenue. Obviously, not all iPhone sales will be iPhone 5s, but this goes to show you how much of Qualcomm's business could be at risk from the reception of a single product.

Cirrus Logic (NASDAQ:CRUS) Cirrus supplies Apple Inc. (NASDAQ:AAPL) with audio components that are used in the iPhone 5. Last quarter, Cirrus reported an earnings beat and raised guidance as a result of iPhone 5 demand and cited that it was heavily backlogged. At the time, shares traded at more than $40 a share, $11 more than where they sit today. The risk with this company stems from the fact that a whopping 79% of Cirrus' revenue comes from Apple. If there's any sort of iPhone 5 softness, I fully expect Cirrus shares to get punished.