Berkshire’s cash soars to $325 billion as Buffett sells Apple, BofA; operating profit falls
CNN
Warren Buffett and Berkshire Hathaway extended their retreat from stocks in the third quarter, slashing their holdings in Apple and boosting cash to a record $325.2 billion.
Warren Buffett and Berkshire Hathaway extended their retreat from stocks in the third quarter, slashing their holdings in Apple and boosting cash to a record $325.2 billion. Berkshire also reported a 6% decline in quarterly operating profit, largely the result of higher insurance underwriting liabilities including for Hurricane Helene, and currency losses from a strengthening U.S. dollar. These offset improved profitability at the Geico car insurer, where accident claims and expenses fell. Profit also rose at the BNSF railroad, which shipped more consumer goods, and Berkshire Hathaway Energy, where operating expenses declined. In its quarterly report on Saturday, Berkshire said it sold about 100 million, or 25%, of its Apple shares over the summer, ending with about 300 million. It has now sold more than 600 million of the iPhone maker’s shares in 2024, though Apple remained Berkshire’s largest stock holding, at $69.9 billion. The sales comprised a large portion of the $36.1 billion of stock, including several billion dollars of Bank of America shares, that Berkshire sold in the quarter.
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