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Berkshire has record profit, cash soars to $189b as Apple stake sinks
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Shareholders attend the Berkshire Hathaway Inc annual shareholders' meeting in Omaha, Nebraska, US, on May 3, 2024. (Reuters/Scott Morgan)
B
erkshire Hathaway Inc posted a record quarterly profit on Saturday, boosted by strength in its insurance operations, and appears to have sold a significant number of Apple shares as its cash stake swelled to $189 billion.
The size of Berkshire's stake in Apple fell 22 percent to $135.4 billion as of March 31 from $174.3 billion at the end of 2023, even though the iPhone maker's share price fell just 11 percent in the quarter.
A large sale would be an about-face for Buffett, who has long touted the iPhone maker's leadership and market dominance. Some investors have expressed concern that Apple had become too large a part of Berkshire's investment portfolio.
First-quarter operating profit rose 39 percent to $11.22 billion, or about $7,807 per Class A share, from $8.07 billion a year earlier.
Net income fell 64 percent to $12.7 billion, or $8,838 per share, from $35.5 billion.
An accounting rule requires Berkshire to report unrealized gains from its common stock holdings. Buffett urges investors to ignore the resulting volatility.
Berkshire also repurchased $2.6 billion of its own stock. It repurchased a small additional amount in the first three weeks of April.
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.
