- Warren Buffett, the chairman and CEO of Berkshire Hathaway, said in May he’d like to see the Apple’s share price fall so he could step in and buy more.
- Buffett said he’d “love to see Apple go down in price” at his annual shareholder meeting last May, and endorsed the company’s buyback program.
- The stock is down 21% since his comment, and down nearly 40% since the stock’s all-time high last October.
- Watch Apple trade live.
Warren Buffett, the chairman and CEO of Berkshire Hathaway, said in May that he’d like to see Apple’s share price fall so he could step in and buy more.
With the stock plunging Thursday after Apple issued a warning on its quarterly revenue and down 21% since Buffett’s comments last May, the billionaire investor may be looking to load up on more shares of the iPhone giant. pple said late Wednesday it would report up to $US9 billion lower than originally expected in the first quarter of its 2019 financial year. It cited issues including an iPhone slowdown, primarily in China.
“From our standpoint we would love to see Apple go down in price,” Buffett said in May, at his annual shareholder meeting. “We very much approve of them repurchasing shares.”
Buffett’s conglomerate owns 258.2 million shares of Apple, reflected in its most recent filing with the US Securities and Exchange Commission in September 2018. That represented a decline of 1.2 million shares compared to the prior filing.
Apple’s stock is down nearly 39% from its October 2018 all-time intraday high of $US233.47. In August, the tech giant became the first US company with a market capitalisation of more than $US1 trillion. That was down to $US749 billion at Wednesday’s closing bell.
An email request to Berkshire Hathaway for comment about Buffett’s investments were not answered as of Thursday morning.
Read more about Apple and its revenue guidance announcement:
- ‘Apple’s darkest day in the iPhone era’: Here’s what Wall Street is saying about Apple’s bombshell profit warning
- Apple is partially blaming weak iPhone sales on customers taking advantage of the $US30 battery-replacement offer
- Apple sounds the alarm on a slowdown in China
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