Buffett's Berkshire Hathaway takes another 75m slice of Apple

Buffett's Berkshire Hathaway takes another 75m slice of Apple

Buffett's Berkshire Hathaway takes another 75m slice of Apple

Good news for Apple as reports reveal that Berkshire Hathaway, which belongs to the famous investment mogul Warren Buffet, purchased 75 million shares in the company during the 1st quarter.

With a blend of wisdom and common sense, Buffett is more than just one of the most successful investors in American history.

The stock closed at $183.83, ahead of its previous high of $183.50, propelling Apple closer to a $1 trillion valuation.

Buffett's increased stake, which was confirmed by a representative of the billionaire investor, pushed Apple's shares up as much as 4.2 percent to $184.25, taking the company's market value to about $906 billion.

Recently, Berkshire nearly sold out its entire investment in IBM Corp and at the same time bought more Apple shares.

Apple this week has reported the earnings of the first-quarter that has topped Wall Street expectations.

Apple posted revenue for its March quarter of $61.1 billion, an increase of 16 per cent from $52.9 billion past year.

In a letter to shareholders in February, Buffett explained how his conglomerate, Berkshire Hathaway, got into the real estate business by default in 2000 when Berkshire bought the energy company MidAmerican, which owned HomeServices. "[IPhone] is a very sticky product".

Indeed, research from Strategy Analytics released Friday cements Apple firmly at the top of the smartphone food chain. He also praised Apple's ability to retain customers in its iPhone ecosystem.

The $999 iPhone X, which features an edge-to-edge display and facial recognition technology, has been plagued by supply bottlenecks and concerns about weak sales since it went on sale in November. Apple is the largest company by market value and tends to have an outsize influence on market-value weighted indexes like the Nasdaq and S&P 500.

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