Apple Loses $62 Billion in Value in 3 Minutes on iPhone Sale

Apple (AAPL) lost $62 billion in value in 3 minutes after it reported iPhone sales fell short of expectations. Apple says it sold around 47 million of the smartphones in the second quarter but Wall Street expected 50 million sold. Apple said its profit surged 38%, aided again by strong demand for the company’s latest iPhones and robust growth in China where sales more than doubled. Apple shares fell 8% after the report, which resulted in the world's largest publicly traded company losing $62 billion in market capitalization. The sharp sell-off puts Apple shares at their low of July 9th and near the 200 day moving average. Apple did not break down sales of the Apple Watch, instead lumping it in a category called 'others' that includes the iPod and Beats accessories.