Apple presented its quarterly earnings report for Fiscal Year 1, 2013 and the company has reported a precedent $54.5 billion in revenue for the quarter ending December 29, 2012. As a result, Apple  shares fell by as much as 12 percent on Thursday, staging their biggest percentage drop in over four years and slicing more than $50 billion from the company’s market value.

Apple’s shares slid to $450.66 at the open on the Nasdaq, before recouping some of their losses. Eighteen brokerages, including Barclays Capital, Mizuho Securities USA, Credit Suisse, and Raymond James cut their price targets on the stock of the world’s biggest publicly traded company by an average $132 to $612.

“We’re thrilled with record revenue of over $54 billion and sales of over 75 million iOS devices in a single quarter,” said Tim Cook, Apple’s CEO. “We’re very confident in our product pipeline as we continue to focus on innovation and making the best products in the world.”

“We’re pleased to have generated over $23 billion in cash flow from operations during the quarter,” said Peter Oppenheimer, Apple’s CFO. “We established new all-time quarterly records for iPhone and iPad sales, significantly broadened our ecosystem, and generated Apple’s highest quarterly revenue ever.”