Last week witnessed a remarkable era for the iphone makers; it was a big week for the company’s stakeholders. The company reported better earnings in comparison to past & $100 billion buyback last week.
The happy news was backed by another flashing headline stating Apple Inc’s stock hit an all-time high forthwith announcement made by Warren Buffett’s Berkshire Hathaway Inc on Friday, that it bought 75 million additional shares of the Apple Inc in the first quarter of this year, that adds to the 165.3 million shares Berkshire currently owned as of now i.e. at the end of 2017.
In a statement to CNBC, Apple CEO Tim Cook said the company is “thrilled to have Warren and Berkshire as a major investor.” Courtesy: https://www.cnbc.com/
“On a personal level, I’ve always greatly admired Warren and have always been grateful for his insight and advice,” Cook said. Courtesy: https://www.cnbc.com/
The official representative of the billionaire investor Buffett’s confirmed that the increased stake, shooted up Apple’s shares around 4.2% to $184.25, considering the company’s market value of about $906 billion. Apple’s shares have jumped exceptionally over the last week, despite the previous slump in iPhone sales.
“If you look at Apple, I think it earns almost twice as much as the second most profitable company in the United States,” Buffett told CNBC, which first reported the news on Thursday. Courtesy: https://www.cnbc.com/
Lately, Berkshire surprisingly sold out a major chunk of its total investment in IBM Corp and simultaneously bought additional Apple shares. “They are two different types of decisions. And I was wrong on the first one (IBM), and we’ll find out whether I’m right or wrong on the second (Apple),” Buffett had given this statement a year ago. Courtesy: https://www.todayonline.com/
Since last 2 years, the investment company has not acquired any major share and in his latest annual letter he disclosed his willingness to acquire one or more “huge” stakes of some non-insurance companies. Expansion in Apple shares might be the result of this announcement. Admitting Buffett is interested in the iPhone, he is also exploring for other American companies for the long-term association, huge profit returns, and steady success.
Apple’s vote of confidence from investing icon Warren Buffett is just one sign that the company has entered a new era, Gene Munster told CNBC’s “Squawk on the Street” on Monday. Courtesy: https://www.cnbc.com/
“I’ve observed the Apple story for a long time, and I think we’re entering a period where this is as big of an event as the iPhone was, for totally different reasons,” said Munster. Courtesy: https://www.cnbc.com/
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