Business Corpus: Apple Stock Hits Buy Point On Berkshire Hathaway's Increased StakeBillionaire investor Warren Buffett thinks Apple stock is a screaming buy and has put his money where his mouth is. The post Apple Stock Hits Buy Point On Berkshire Hathaway's Increased Stake appeared first on Investor's Business Daily.

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Billionaire investor Warren Buffett thinks Apple (AAPL) stock is a screaming buy, so he's put his money where his mouth is and ushered the consumer tech icon's shares into buy territory.

Buffett's holding company Berkshire Hathaway (BRKB) bought 75 million shares of the company in the first quarter, adding to the 165.3 million it already owned at the end of 2017. Buffett disclosed the share purchases in an appearance on CNBC late Thursday.

"It is an unbelievable company," Buffett told CNBC. "If you look at Apple, I think it earns almost twice as much as the second most profitable company in the United States."

On Friday, the stock cleared a double-bottom base with a buy point of 179.04 after rising four straight days through Thursday. Shares ended the regular trading session up 3.9% to 183.83 on the stock market today.

Late Tuesday, the Cupertino, Calif.-based behemoth delivered better-than-expected March-quarter results. It earned $2.73 a share, up 30% year over year, on sales of $61.1 billion, up 16%, in its fiscal second quarter. Analysts expected $2.69 and $61 billion.

Its top and bottom lines got a boost from robust sales of services and wearables. Services include Apple Music, Apple Pay and the App Store. Wearables include the Apple Watch, AirPods wireless earbuds and Beats headphones.

Investors Should Think Long Term

The company sold 52.2 million iPhones in the quarter, missing the consensus view of 53 million units.

Long-term investors in Apple's stock shouldn't obsess over near-term iPhone sales, Buffett said.

"The idea that you're going to spend loads of time trying to guess how many iPhone X (handsets) are going to be sold in a three-month period totally misses the point," the Berkshire Hathaway chairman and chief executive told CNBC.

"Nobody buys a farm based on whether they think it's going to rain next year," he added. "They buy it because they think it's a good investment over 10 or 20 years."

For the current quarter, Apple expects to generate revenue of $52.5 billion, edging Wall Street estimates for $52 billion.

Apple Watch Sales Remain Draped In Mystery

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