Berkshire Hathaway's quarterly financial reports and SEC filings

Berkshire Cuts Apple Stake by 13%, Q1 Profit Hits $11.22B, Cash at $189B

May 4, 2024, 12:38 PM

Warren Buffett's Berkshire Hathaway has significantly reduced its stake in Apple, selling about 13% of its holdings in the first quarter of 2024, which leaves Berkshire with approximately $135.4 billion worth of Apple shares. Despite the sell-off, Apple remains Berkshire's largest holding. This reduction coincides with Apple's announcement of a $110 billion buyback program, the largest in U.S. history, and an increase in its quarterly dividend to $0.25 from $0.24. Additionally, Berkshire Hathaway reported a record operating profit of $11.22 billion for the first quarter, a 39% increase from the previous year, and its cash reserves swelled to approximately $189 billion. Buffett commented on the strategy, noting the importance of building a substantial cash position under current economic conditions.