Berkshire pares huge Apple stake as cash, operating profit set records

OMAHA, Neb. - Berkshire Hathaway significantly reduced its enormous stake in Apple in the first quarter, as Warren Buffett's conglomerate let its cash hoard swell to a record $189 billion.

A large sale is an about-face for Buffett, who is normally tech-phobic but came to view Apple as a consumer goods company with strong pricing power and devoted customers. Net income fell 64% to $12.7 billion, or $8,838 per share, from $35.5 billion a year earlier, when Berkshire had large unrealized gains from its stocks.

The results were released ahead of Berkshire's annual shareholder meeting in Omaha, part of a weekend that draws tens of thousands of people to the city.

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