Economy

Apple shares hit record after Warren Buffett increases investment

Apple shares hit record after Warren Buffett increases investment

Buying Apple accomplishes that, even though Buffett would rather buy whole companies than their stocks.

Buffett also disclosed that he had sold all of his shares of computer and information giant IBM during another part of the interview that CNBC aired on Friday.

Warren Buffett's Apple commitment over the past two years has surprised many, given his historical aversion to companies associated with the technology sector. That joins the 165.3 million shares it owned at the end of a year ago.

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Buffett believes that Apple's fantastic business is likely to grow.as he said; "The idea that you're going to spend loads of time trying to guess how many iPhone X ... are going to be sold in a three-month period totally misses the point".

At the end of 2017, Berkshire Hathaway owned 166.7 million shares of Apple, valued at $28.2 billion, which made it the second-biggest holding behind Wells Fargo, according to Buffett's 2017 letter to shareholders released in February.

Based on Apple's stock price of $180.70 a share on Friday, Berkshire Hathaway's Apple holdings are worth $43.7 billion.

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Buffett plowed more than US$10 billion into International Business Machines in 2011. The report highlights Berkshire Hathaway's top ten investments which will reveal the company's approval of Tim Cook's firm. "[IPhone] is a very sticky product".

The billionaire investor recently sold out of an unsuccessful investment in IBM Corp, at the same time he was buying Apple.

Apple reported $61.1 billion in revenue for the March quarter, up from $52.9 billion a year ago, and promised $100 billion in additional stock buyback.

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Although, the initial foray of Buffett into tech stock investment didn't turn out well; Berkshire's big position in IBM never panned out. The financial services provider reported $2,029.13 earnings per share for the quarter. In pre-market trading, shares were virtually unchanged at $287,200.