Apple lost $100 billion in market value after announcing new report

The late launch of new 5G phones caused Apple Inc's customers to put off buying new devices, leading the company on Thursday to report the steepest quarterly drop in iPhone sales in two years.

Apple fell over 5% at one point in after-hours trade, wiping $100 billion from its stock market value, Report says, citing Reuters.

Even as booming sales of Macs and AirPods boosted overall revenue and profit above what analysts had expected, iPhone sales dropped 20.7% to $26.4 billion.

Founded in 1976, besides iPhone, Apple produces iPad tablets, iMac computers, MacBook laptops, iPod music players, and other high-tech equipment. The Corporation is one of the largest in the world. Its market capitalization is almost 2 trillion US dollars.