Apple lost over $66bn of its value after figures showed that the tech giant sold fewer iPhones than expected.
Apple sold 47.5 million iPhones in the third quarter, up 35% from the same period last year.
However, analysts were expecting Apple to sell over 48.8 million handsets.
Colin Gillis, an analyst for BGC Partners: “Where are you going to find growth in the world? You’ve done an amazing job sucking all the smartphone profits into your balance sheet, but smartphone sales are slowing. What’s going to happen when the industry matures, just like PCs did?”
Sales of the iPad fell 18% to 10.9 million while Mac sales went up 8.7% to 4.8 million.
Overall, Apple saw revenues increase 33% to $49.6bn. This helped the tech giant achieve net profits of $10.7bn.
Apple CEO Tim Cook said: “We had an amazing quarter, with iPhone revenue up 59% over last year, strong sales of Mac, all-time record revenue from services, driven by the App Store, and a great start for Apple Watch.”
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