Apple's iPhone may be mature, but it's still bearing fruit

(AP) — The Apple of today hasn't yet shown much indication of emulating its co-founder Steve Jobs and his streak of world-changing products, but it's still proving a tough act to beat.

Before Jobs died in 2011, he left behind the iPhone — a product with such a devout following that it will likely spin off billions in profit for the foreseeable future.

The recent gains helped keep shareholders in a mostly upbeat mood Tuesday during Apple's annual meeting at its Cupertino, California, headquarters.

Analysts expect sales to accelerate this fall, predicting that Apple will unveil a souped-up — and more expensive — iPhone to celebrate the device's 10-year anniversary, spurring a "super cycle" of buying.

When they do get around buying a replacement, they usually stick with Apple, whose "ecosystem" of apps and services tied to the iPhone makes switching especially painful.

What's more, iPhone fans tend to have higher incomes, allowing them to spend more on apps and services such as Apple's music subscription service.

Apple typically collects a commission ranging from 15 percent to 30 percent of sales from apps sold in its store — the only way to reach the vast majority of iPhone users.