Apple Inc. shares dropped in the extended session Tuesday, shaving off more than $50 billion in market cap, after the tech giant reported quarterly earnings.

After Hours

Apple AAPL, +3.03% shares fell 6.7% to $122.01 in heavy trade even after the company’s quarterly results topped Wall Street estimates. Expectations for Apple iPhone sales, however, had been raised by several analysts ahead of the report and the company’s outlook was weaker than expected. Read more at MarketWatch’s live blog of the Apple analyst call.