(ABM FN-Dow Jones) Berkshire Hathaway reduced its stake in Apple in the first quarter, while operating profit rose. This was evident on Saturday from the results of Warren Buffett’s investment company, which also held its annual shareholder meeting in Omaha, Nebraska.
Berkshire owned 905 million Apple shares at the end of 2023. At the end of the first quarter this was still 790 million.
Buffett said Saturday that it is “very likely” that Apple will still be Berkshire’s largest investment by the end of the year.
In the reporting period, Berkshire’s operating profit rose 39 percent year-on-year to $11.2 billion. Earnings per Class A share rose 40 percent year-on-year to $7,796. According to FactSet, analysts expected $6,702.
Bottom line, a profit of $ 12.7 billion remained in the first quarter, compared to $ 35.5 billion in the first quarter of 2023. However, the operational result is seen as leading in the figures.
At the end of the first quarter, Berkshire had a record $189 billion in cash. That was approximately $168 billion at the end of 2023.
Berkshire repurchased $2.4 billion worth of shares in the first quarter, up from $2.2 billion in the fourth quarter of 2023.
Source: ABM Financial News
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