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Q1 Earnings Report

Leading up to Saturday’s annual shareholder meeting, Berkshire Hathaway released its first quarter earnings report, revealing a record operating profit of $11.22 billion.

Comparatively, in the first quarter of the previous year, Berkshire reported operating profits of $8.1 billion.

Despite the strong operating profits, the company saw a significant decline in investment gains, totaling just $1.48 billion in the first quarter compared to $24.75 billion in the same period last year.

One of the key factors impacting this decline was Apple’s roughly 10% drop in the first quarter, as the tech giant makes up approximately 40% of Berkshire’s equity holdings.

In their first quarter report, Berkshire revealed that they reduced their holdings in Apple during the quarter. By the end of 2023, the value of Berkshire’s Apple position was $174.3 billion, which decreased to $135.4 billion by the end of Q1.

It is worth noting that despite Apple’s significant presence in Berkshire’s portfolio, Warren Buffett clarified at last year’s annual meeting that the tech giant does not make up the same percentage of the company’s overall holdings, which also include fully-owned subsidiaries.

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