Apple's shares have hit saturation point, and the drop may be due to speculators selling to lock in profits.
The after-hours selloff may also have been influenced by underwhelming sales of Apple's new tablet computer - the iPad, which came it at just 4.2 million.
That represents a rise of just 28% on the previous quarter, which was when the company first launched the new product.
The firm sold 14.1 million of its smart phones in the quarter.
Total revenues for the quarter rose 67% to $20.3bn, topping already high expectations by $1bn, thanks largely to the strong iPhone sales.
Sales of its Macintosh computers were up 27% on a year ago, while those of its iPod were down 11% - partly because the latter has been superseded by the iPhone.
The company revised its revenues forecast for the current quarter up to $23bn.
- BBC Inputs
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