Categories Technology, U.S. Markets News

Apple’s stock falls as Berkshire Hathaway cuts stake

Apple Inc.’s (AAPL) stock is down 0.25% after it was revealed that Warren Buffet’s Berkshire Hathaway (BRK) lowered its stake in the iPhone-maker at the end of 2018. Apple was Berkshire’s largest investment.

According to a regulatory filing, Berkshire’s stake in Apple has been reduced by 1% and now stands at 249.6 million shares for the last quarter of 2018. This compares to 252.5 million shares in the earlier quarter. This reportedly brings the value of Berkshire’s stake to below $40 billion.

The trimmed stake has added to the concerns over Apple as the tech giant struggles with falling iPhone sales. Despite becoming the first trillion-dollar company last year, Apple has battled weakness in iPhone sales as well as other issues such as the impacts from the trade war.

Apple Q1 revenue drops but tops estimate; stock gains

During its most recent quarter, Apple’s iPhone sales fell 15% and missed consensus estimates. The smartphone market is nearing complete saturation and Apple is feeling the impact of this trend, as newer and cheaper devices continue to flood the space.

Berkshire Hathaway is said to have cut its stake in Oracle (ORCL) as well, sending the tech firm’s shares downward. At the same time, Berkshire has reportedly increased its investments in a number of US banks including JPMorgan (JPM), Bank of America Corporation (BAC), PNC Financial (PNC) and US Bancorp (USB). The company also holds a stake in Red Hat, which was acquired by IBM a few months ago.

 

We’re on Flipboard! Follow us to receive the latest stock market, earnings and financial news at your fingertips.

Most Popular

Infographic: How Starbucks (SBUX) performed in Q1 2023

Starbucks Corporation (NASDAQ: SBUX) reported first quarter 2023 earnings results today. Consolidated net revenues increased 8% year-over-year to $8.7 billion, in line with projections.   Global comparable store sales increased

Earnings: Google parent Alphabet (GOOG, GOOGL) reports lower Q4 profit

Alphabet Inc. (NASDAQ: GOOGL, GOOG) on Thursday reported a 1% increase in fourth-quarter 2022 revenues, with strong contributions from the cloud business. The company, which owns the largest internet search

HOG Earnings: Key quarterly highlights from Harley-Davidson’s Q4 2022 financial results

Harley-Davidson, Inc. (NYSE: HOG) reported fourth quarter 2022 earnings results today. Revenue increased 12% year-over-year to $1.14 billion. Net income attributable to Harley-Davidson, Inc. rose 94% YoY to $42 million,

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top