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Berkshire Hathaway's Profits Soar 39%, Cash Hits $189B; Reduces Apple Stake

May 4, 2024, 12:38 PM

Warren Buffett's Berkshire Hathaway reported significant financial developments in its latest quarterly earnings. The company's operating income surged by 39% year-over-year to $11.22 billion, boosted by strong performance in insurance and energy sectors, and its cash reserves reached a new record of approximately $189 billion. Amidst these gains, Berkshire reduced its Apple holdings by about 13% to $135.4 billion, despite Apple's recent dividend increase to $0.25 per share and a massive $110 billion buyback program. The reduction in Apple shares, which previously constituted half of Berkshire's equity portfolio, aligns with Buffett's broader strategy of increasing cash reserves amid uncertain market conditions. Additionally, Berkshire Hathaway's annual shareholder meeting, known as the 'Woodstock for Capitalists', is set to occur without Charlie Munger for the first time, following his death last year.