OMAHA: Berkshire Hathaway considerably lowered its huge stake in Apple within the first quarter, as Warren Buffett‘s conglomerate let its money hoard swell to a document $189 billion. Buffett’s firm additionally posted a document working revenue exceeding $11 billion, as its insurance coverage operations benefited from improved underwriting and better revenue from investments as rates of interest rose.
The worth of Berkshire’s stake in Apple fell 22% to $135.4 billion as of March 31 from $174.3 billion on the finish of 2023, although the iPhone maker’s share worth fell simply 11% within the quarter. Based on adjustments in Apple’s inventory worth, Berkshire seems to have bought about 115 million shares, or 13% of its holdings, within the quarter, ending with about 790 million.
A big sale is an about-face for Buffett, who is generally tech-phobic however got here to view Apple as a shopper items firm with sturdy pricing energy and devoted clients.
At the annual assembly on Saturday, Buffett assured shareholders that “unless something dramatic happens that really changes capital allocation, we will have Apple as our largest investment.”
The worth of Berkshire’s stake in Apple fell 22% to $135.4 billion as of March 31 from $174.3 billion on the finish of 2023, although the iPhone maker’s share worth fell simply 11% within the quarter. Based on adjustments in Apple’s inventory worth, Berkshire seems to have bought about 115 million shares, or 13% of its holdings, within the quarter, ending with about 790 million.
A big sale is an about-face for Buffett, who is generally tech-phobic however got here to view Apple as a shopper items firm with sturdy pricing energy and devoted clients.
At the annual assembly on Saturday, Buffett assured shareholders that “unless something dramatic happens that really changes capital allocation, we will have Apple as our largest investment.”
