Attending the Berkshire gathering, Apple CEO Tim Cook has stated that he still views Berkshire as a large stakeholder as an honor. Hathaway’s investment in Apple dropped dramatically as the business allowed its cash pile to reach a record $189 billion.
Warren Buffett now has more than six times the $30 billion minimum cash cushion he promised to maintain as a result of the sales. Berkshire’s investment sales during the quarter generated $11.2 billion in after-tax gains.
Operating profit for the first quarter increased by 39% to $11.22 billion, or around $7,807 per Class A share, compared to $8.07 billion in the same period last year. The international conglomerate’s earnings dropped from $35.5 billion, when Berkshire had significant unrealized gains from its equities, to $12.7 billion, or $8,838 per share, in the period under review. The shareholder meeting being held today is the first since Charlie Munger, the business partner and close friend of Buffett, passed away in November 2023 at the age of 99.
