A steep drop in iPhone sales in the latest quarter cut Apple's profit by 7 percent to $12.7 billion, the company announced Thursday, sending the company's stock reeling. The California tech giant's total revenue edged up from last year's level to $64.7 billion in the fiscal fourth quarter, but revenue from iPhone sales -- the major income driver for Apple -- slid some 20 percent from a year ago, unsettling investors. The company's share price nosedived about four percent in after-hours trading. bur-rl/hs