Amazing things are happening to Warren Buffett's Berkshire Hathaway. The firm recently cut its stake in Apple by 13%. At the same time, the outstanding investor is actively selling off shares of the IT giant. Perhaps, in the end, the billionaire will have a very thin investment portfolio!
Currently, the legendary investor continues to sell off Apple securities. Such an action could be explained by a number of problems that have arisen at the technological giant, in particular the deterioration of financial performance. According to the results of the first quarter of 2024, Apple recorded a decrease in revenue and profits. To support quotes, the tech giant announced a share buyback for a record $110 billion.
Berkshire Hathaway's quarterly report showed that the corporation cut its stake in Apple by nearly 13% to 790 million shares ($135.4 billion) in the first three months of 2024.
For two consecutive quarters, Warren Buffett has been getting rid of the securities of the techno-giant.
Earlier, Buffett warned of slowing growth in the US economy and its companies, emphasizing possible problems in his conglomerate. Nevertheless, from January to March 2024, Berkshire Hathaway's operating profit surged by 39% in annual terms, reaching $11.22 billion. This is an all-time high for the corporation that was reached thanks to the insurance segment.
