Warren Buffett goes huge on Apple

Photo: Paul Morigi/ Getty Images for Fortune/ Time Inc.
  • Warren Buffett’s Berkshire Hathaway added 75 million more shares of Apple stock to its portfolio in the first quarter of 2018.
  • According to a report from CNBC published Thursday night, the new shares add to the more than 165 million shares Berkshire held at the end of 2017.
  • The news comes ahead of the legendary investor’s annual Q&A meeting set to begin in Omaha on Friday, and days after Apple reported blockbuster earnings this week.

Warren Buffett’s Berkshire Hathaway upped its stake in Apple in the first quarter of 2018, adding 75 million shares of the consumer tech giant’s stock.

CNBC reported the news on Thursday night. The additional shares add to the more than 165 million Apple shares Berkshire owned at the end of 2017.

The revelation comes ahead of Buffett’s annual Q&A meeting set to begin in Omaha on Friday, and just days after Apple reported blockbuster earnings this week.

Speaking about Berkshire’s big bet on Apple, Buffett called it “an unbelievable company,” CNBC reported.

“If you look at Apple, I think it earns almost twice as much as the second most-profitable company in the United States,” Buffett said.

Indeed, Apple made a ton of money last quarter, as Business Insider tech reporter Kif Leswing wrote on Wednesday. Apple posted $US61 billion in revenue for Q2, up 16% year-over-year, and powered in part by the 52.2 million iPhones the company sold during that period.

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