Revenues for the three months ending June were up 33% to $49.6bn, just ahead of analysts’ forecasts. Earnings were up 45% marking the ninth consecutive quarter that Apple has exceeded estimates.

However, Apple’s share price dropped 6.85% to $121.8, wiping more than $66bn off the value of the company after it failed to sell as many iPhone units as analysts had forecast.

The company sold 47.5 million iPhones between April and June –  a 35% year-on-year increase but short of analysts’ expectations. Meanwhile, sales of iPads fell 18% to 10.9 million.

Richard Hunter, head of equities at Hargreaves Lansdown, said: “Apple remains a technology juggernaut despite the disappointing reaction to the numbers, although even this needs to be taken in context with a share price that had risen 38% over the last year, as compared to a more pedestrian 5% hike for the wider Dow Jones Industrial Average.

“Many Wall Street analysts continue to believe that they bet against Apple at their peril, such that the market consensus remains rooted to being a strong buy.”