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

Squishmallows resembling Berkshire Hathaway chairman Warren Buffett and former vice chairman Charlie Munger at the Berkshire Hathaway Inc annual shareholders' meeting in Omaha, Nebraska May 3, 2024. — Reuters picOMAHA, May 4 — 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 US$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.But the sales leave Buffett with more than six times the minimum US$30 billion cash cushion he has pledged to keep. Berkshire realized US$11.2 billion of after-tax gains in the quarter from selling investments.First-quarter operating profit rose 39 per cent to US$11.22 billion, or about US$7,807 per Class A share, from US$8.

Berkshire also repurchased US$2.6 billion of its own stock in the first quarter, and a small amount in the first three weeks of April. The diversification has led many investors, not just Buffett fans, to view Berkshire as a stable long-term investment even amid recession fears and concerns about the banking industry.Insurance profit soared 80 per cent to US$5.2 billion. This included a more than doubling of underwriting profit at Geico, which benefited from rate increases and a large decline in the percentage of premiums it used to pay for accident losses.

Apple Inc

Malaysia Latest News, Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Apple canceling car project is benefiting Xiaomi: Over 50% of Xiaomi SU7 owners are Apple usersXiaomi's new electric car, the SU7, is generating buzz among Apple users which acoounts for more than half of user base. Learn more here.
Source: gizmochina - 🏆 18. / 53 Read more »

Apple removes WhatsApp and Threads on China’s Apple StoreLooks like things have gotten interesting in the tech industry lately. Today, Apple Inc. has removed WhatsApp and Threads apps from the App Store star
Source: technavemy - 🏆 6. / 68 Read more »

Apple asks US appeals court to reverse Apple Watch import banNEW YORK, April 6 — Apple urged a US appeals court yesterday to overturn a US trade tribunal’s decision to ban imports of some Apple Watches in a patent dispute with...
Source: malaymail - 🏆 1. / 86 Read more »

Apple Watch 3 Ultra May be a Let Down in Terms of Upgrades, Analyst StatesInterestingly, Gurman's suggested features for the Series 9 successor could potentially make their way to the Apple Watch Ultra 3 as well.
Source: gizmochina - 🏆 18. / 53 Read more »

Apple ‘Let Loose’ Event Set For May 7: What To Expect & Everything We Know Till NowLatest Tech News, Product Reviews and Deals
Source: gizmochina - 🏆 18. / 53 Read more »

New Apple Event on 7 May, new M3 OLED iPad Pro expected to launchLate last night, Apple announced a new virtual event coming soon on 7 May 2024. From the new logo theme and tagline 'Let Loose', w
Source: technavemy - 🏆 6. / 68 Read more »