Apple just wiped out $40 billion in value

Apple's disappointing earnings report today sent the stock down more than 7% after hours.

That's a lot for any company, but particularly dramatic for Apple, which is the most valuable company in the world.

Before market close today, Apple's market cap was $578 billion. That means a 7 percent drop erases more than $40 billion worth of value. The bad news doesn't end there. Shares of some of Apple's suppliers are down too, with Bloomberg reporting that Cirrus Logic has lost more than 8%.

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By way of comparison, Alphabet's market cap is around $485 billion. How long until it passes the leader?

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