Analysts are estimating that Apple’s iPhone may only account for 8 percent of global handset revenues, but that the company garnered a jaw-dropping 32 percent of all operating profits in the first half of 2009, reports WSJ’s AllThingsD.

Bernstein Research analyst Toni Sacconaghi writes that the iPhone’s success is similar to Apple’s position in the PC industry, where the company enjoys a quarter of industry profits despite capturing only 6 percent of revenues. However, we are guessing that unlike with PCs, Apple (NSDQ: AAPL) has its carrier partners, like AT&T (NYSE: T), to thank for their generous subsidies that keep the operating margins high.

In other news:

—Apple has censored a dictionary, and continues to give it a 17+ rating despite the app purging “objectionable” content. Developed by Matchstick Software, Ninjawords costs $2. While it has a funny name, and a light-hearted sensibility—they use “awesome, fresh, high quality data with more words and synonyms than you can throw a ninja star at”— it is intended to be a serious resource. [Daring Fireball]

—Ustream’s original iPhone app allowed you to view video from the service, but the new version launched today allows you to send video from your iPhone to the web. [TechCrunch]