May 27, 2018

Apple shares rise as Berkshire Hathaway increases holdings in tech giant

05 May 2018, 06:11 | Lorenzo Hawkins

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That adds to 165 million shares that Berkshire had at the end of a year ago.

The Berkshire Hathaway HomeServices name has been franchised to 1,330 offices and more than 45,000 agents, the newspaper reports.

In his recent interview with Squawk Box, CEO of Berkshire Hathaway and the 3rd richest person in the world, Warren Buffet has said that the long-term investors of Apple's stock shouldn't obsess with near-term iPhone sales.

Buffett is relatively new to technology investing, having avoided the sector for most of his long career.

After nuking fears that the iPhone X may be a colossal failure somehow, Apple's stock price has been on a climb this week with AAPL touching a new high during intraday trading.

Last year's iPhone 7 came in No. 4, behind the iPhone 8 and iPhone 8 Plus.

When speaking about the company, he said that the company is unbelievable. It held 3 per cent of the shares previously.

Apple declined to comment on Friday.

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

Chief Executive Officer Tim Cook sells a growing array of services through a base of more than 1.3 billion Apple devices, including music, cloud storage, movies and apps.

Veteran investor Mr Buffett disclosed the purchases by his Berkshire Hathaway fund on CNBC late on Thursday, ahead of the investment giant's shareholder meeting this weekend.

However, there may also be another reason for the investment: Berkshire's cash position.

Apple earlier this week reported a strong set of numbers, beating revenue and profit expectations for the March quarter of financial year 2017-18.

"I think we have zero", Buffett said when asked if Berkshire owns any IBM shares. The middle tier for iCloud storage costs $2.99 a month.

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