Apple has more cash on hand than any company currently in business, but Wall Street is still not impressed.

Apple shares plunged by as much as 10% in after hours trading Tuesday despite beating earnings and revenue estimates for the June quarter. Driving the decline: a worse-than-expected outlook for the upcoming quarter.

The technology giant answered questions about iPhone sales (down); growth in China (doubled) and sales of the Apple Watch (undisclosed).

Apple had $202 billion in cash and marketable securities on hand as of the end of the June quarter, according to its latest earnings report on Tuesday, marking the first time the technology giant has crossed the $200 billion threshold.

Google, Apple's chief technology rival, had $62 billion in cash and marketable securities last quarter.

Apple has tried to spend its money by buying back its own stock and investing in new technology categories like smartwatches and the rumored electric car. Still, Apple's cash pile has continued to soar — from $164 billion in the same quarter a year earlier.

That cash, however, presents a lot of risks.

The biggest risk is that Apple may be besieged again by activist shareholders like Carl Icahn and David Einhorn, who launched campaigns in past years to force the company to reduce its hoard of cash. Those sieges also coincided with a sharp fall in Apple's stock price, which has only recently recovered.

Another risk: The vast majority of Apple's money sits overseas, which worries U.S. lawmakers because the company is not paying U.S. taxes on any of it. Apple had $158 billion in offshore cash as of last year.

Apple's outlook for fourth quarter revenues came in a little light, as did its sales of iPhones. In its earnings release, Apple said it expects to generate between $49 billion to $51 billion in revenue for the fourth quarter. Analysts, by comparison, were expecting revenue of $51 billion for the quarter.

The Cupertino company sold 47.5 million iPhones during the June quarter, well ahead of the 35 million it sold in the same quarter a year earlier but slightly below the consensus estimate among analysts for about 49 million.

Concerns about China

A recent and severe crash of the stock market in China raised questions about Apple's growth there.

Tim Cook, Apple's chief executive, said on the earnings call with analysts that the situation in China "could create some speed bumps in the near term" for the company, but that he believes mounting investor concerns are "probably overstated."

"We remain extremely bullish on China, and we continue to invest. Nothing that has happened has changed our fundamental view that China will be Apple’s largest market at some point in the future," Cook said. "We are not changing anything. We have our pedal to the medal."

Revenue from Greater China, a key area of growth for Apple, more than doubled year-over-year to $13.2 billion fueled by the popularity of the larger iPhone 6 Plus. The market remains an area of concern for Apple and many business as China's stock market recently suffered a major crash.

Apple iPhone sales

Silent on Apple Watch sales

Apple refrained from revealing hard numbers for the Apple Watch, its shiny new gadget, even though analysts and investors have clamored in recent weeks for more details on its initial traction.

"Through the end of the quarter, in fact, the Apple Watch sell-through was higher than the comparable launch periods of the original iPhone or the original iPad," Cook said on the call.

So why no hard numbers if the device is doing so well?

"We do not plan to disclose Apple Watch metrics because we do not intend to provide insight that could help our competitors," Maestri said.

Instead of releasing a vanity metric, Apple Watch sales are bundled under Apple's "other product" category. That segment, which includes Apple TV, iPods and Beats Electronics, grew to $2.6 billion in the June quarter up from $1.69 billion in the prior quarter before the smartwatch went on sale and $1.77 billion a year earlier.

Apple Watch accounted for more than 100% of that growth, as other products like iPod declined during that period, meaning Apple's revenue from the smartwatch likely approached or perhaps exceeded $1 billion.

The executive comments did little to reassure investors: Share remained down 7% after the call ended.

AAPL data by YCharts