“Buffett’s Berkshire Hathaway Reduces Apple Holdings, Increases Energy Stocks in First Quarter Report”
Berkshire Hathaway, led by legendary investor Warren Buffett, unveiled its first quarter financial report for 2024 on May 4, revealing significant changes in its stock holdings. The conglomerate reduced its stake in tech giant Apple while boosting investments in energy stocks Chevron and Occidental Petroleum.
The report showed Berkshire Hathaway raking in revenue of $89.869 billion and net profit of $12.702 billion for the quarter. Additionally, the company’s cash reserves swelled to $189 billion, surpassing the previous year’s record.
Buffett’s strategic moves included reducing Apple holdings from $174.3 billion to $135.4 billion, while increasing investments in Bank of America, American Express, Coca-Cola, and Chevron. Apple remains Berkshire Hathaway’s largest holding, with a value of $135.4 billion, representing approximately 790 million shares. This marks the second consecutive quarter of reduced Apple holdings for the firm.
At the shareholder meeting, Buffett explained the rationale behind trimming Apple positions, emphasizing the importance of treating stocks as businesses rather than mere investments. While expressing confidence in long-term holdings of Apple, Coca-Cola, and American Express, Buffett indicated a cautious stance on increasing Apple holdings at present.
Investors are advised to exercise caution and conduct thorough research before making any investment decisions. For up-to-date market analysis and investment insights, readers are encouraged to download the official Securities Times app or follow the WeChat official account for timely updates.