Wall Street wiped as much as $66bn from Apple’s value on Tuesday after the iPhone maker, which has routinely beaten market forecasts over the past year, failed to meet high investor expectations for its latest quarterly results.

Apple stock fell to its lowest point since February in after-hours trading — just a day after closing a dollar short of its all-time high — as chief executive Tim Cook failed to dispel concerns about the iPhone’s longer term growth and the initial performance of the Apple Watch.

Revenues for the three months ending in June were up 33 per cent to $49.6bn, just ahead of analysts’ forecasts, with earnings up 45 per cent to $1.85 — the ninth consecutive quarter that Apple has exceeded estimates. Net income grew 39 per cent to $10.7bn.