Technology

Berkshire takes a one billion dollar bite of Apple

Despite the fact that Warren Buffett usually avoids investments in technology companies, Berkshire Hathaway Inc. has disclosed owning Apple shares estimated to be worth just over $1 billion.
Despite the fact that Warren Buffett usually avoids investments in technology companies, Berkshire Hathaway Inc. has disclosed owning Apple shares estimated to be worth just over $1 billion. John Peterson The Associated Press

Warren Buffett’s Berkshire Hathaway Inc. disclosed a stake in Apple Inc., betting that the technology company will rebound after a slump driven by a slowdown in iPhone sales.

Berkshire held 9.81 million Apple shares as of March 31, according to a regulatory filing Monday from the billionaire’s Omaha, Neb.-based company. The holding was valued at $1.07 billion at the end of the first quarter.

Apple last month reported its first quarterly drop in revenue in 13 years, stoking concerns that the company’s best days have passed. The company’s share slide since the middle of last year may have created an opportunity for Berkshire, even though Buffett typically avoids investments in technology companies.

Bloomberg News

This story was originally published May 16, 2016 at 11:57 AM with the headline "Berkshire takes a one billion dollar bite of Apple."

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