Although Apple released other products Wednesday, such as a new Apple TV and new iPad, the company cannot avoid questions from analysts that Apple overrelies on the iPhone despite the fact that smartphone market is peaking worldwide.

Shares of Apple closed at $110.15 on Wednesday, down $2.16, or 1.9 percent.

"That's one big concern about Apple, that it's so dependent on the iPhone," Jerry Kim, a Columbia University management professor, told The Associated Press.

Also, China may provide more iPhone revenue than the US does, but Apple still isn't the most popular smartphone maker in the country. That title belongs to Xiaomi Inc, which has many similarities to Apple in both design and marketing but sells its top-end phones at cheap prices.