Warren Buffett says Berkshire Hathaway (BRKB) bought another 75 million shares of Apple (AAPL) in the first quarter. Along with the 165.3 million Apple shares held at the end of 2017, Berkshire now owns a 4.8% stake in the iPhone giant.
XBerkshire Hathaway CEO Warren Buffett told CNBC about the increased stake ahead of the conglomerate's annual shareholder meeting Saturday.
Apple stock price fell slightly in the first quarter, as investors worried about iPhone X demand. But not Warren Buffett.
"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."
Apple stock is up 9% this week, as investors bought up the tech titan ahead of and after Tuesday night's earnings report. Apple topped EPS views, though iPhone shipments were a bit light. But high-margin services revenue was strong and Apple announced a $100 billion buyback plan and dividend increases.
Apple is the world's most valuable company, with a market cap of $897.54 billion. It's the largest weight on the Dow Jones industrial average, S&P 500 index and Nasdaq composite.
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