Apple could be the victim of its own success

After the success of the iPhone, Apple may struggle to come up with new innovations that will dominate markets in quite the same way

Just over 14 years ago, Steve Jobs unveiled a cigarette pack-sized product that didn't impress many onlookers. The iPod looked like just another music player - not a product that could transform Apple's fortunes, then a computer maker struggling with generating profit.

On Tuesday Apple announced the largest-ever annual profit in corporate history - $53.3bn (34.7bn) over the previous 12 months. In the July-September period, sales of iPhones grew almost a quarter compared to the same period in 2014, even as rivals such as Samsung and LG saw slower sales. The transformation looks complete.