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A year after Apple rolled out iPhones with larger screens, touching off a frenzy of sales that saw revenue in the most recent quarter increase 32.5 per cent from the same quarter a year ago, the latest upgrades may leave some investors and consumers underwhelmed.

Apple AAPL, -1.92% introduced two new iPhones: iPhone 6S and iPhone 6S Plus.

Apple debuted Force Touch on the Apple Watch earlier this year, giving apps the ability to display full-screen images without wasting precious space with gear or “hamburger” icons for settings. An iPad with a pressure-sensitive stylus and keyboard – and a...