It certainly seems so. From Jared Sinclair, the developer behind the seemingly popular Unread RSS reader:
Unread for iPhone has earned a total of $32K in App Store sales. Unread for iPad has earned $10K. After subtracting 40 percent in self-employment taxes and $350/month for health care premiums (times 12 months), the actual take-home pay from the combined sales of both apps is $21,000, or $1,750/month.
Certainly seems grim considering all the work and time that will have gone into making Unread.