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Apple ripe again as Buffett increases stake

by LLB Reporter
16th Aug 16 9:58 am

Tech goliath boosted

Warren Buffett’s Berkshire Hathaway has upped its stake in tech goliath Apple by 55 per cent.

The news comes as other billionaire investors including George Soros and Carl Icahn cut their investments.

According to a securities filing, Berkshire Hathaway increased its shares in Apple from 9.8m shares to just over 15.3m shares.

This year, Buffett cut his stake in Asda-owner WalMart by 27 per cent to 40.2m shares.

Apple’s latest earnings beat expectations despite a second year-on-year decline in iPhone sales.

Apple’s revenue hit $42.4bn in the third quarter, down from $49.6bn in the same period last year and from $50.6bn in the previous quarter.

Earnings per share stood at $1.42, also ahead of a consensus estimate of $1.38 per share.

iPhone sales reported crossed 40.4m units which was ahead of the 40m expected by analysts but down on the 47.5m sold in the same quarter last year

 

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