Berkshire Hathaway cut its stake in Apple by about 13% as its cash pile hit a record high in the first quarter. A bearish signal all around?
Taiwan's Foxconn, the world's largest contract electronics maker and the biggest assembler of Apple's iPhone, reiterated on Sunday it expected a rise in second-quarter revenue, and reported record sales for the month of April. Foxconn said in a statement that this year's second quarter "remains a traditional off-peak season, and major products are entering a period of transition between old and new products".
Berkshire Hathaway's first quarter profits plummeted along with the paper value of its investments, but the company said Saturday that most of the businesses it owns outright performed well. The figures were heavily influenced by a large drop in the paper value of Berkshire’s investments. Buffett encourages investors to pay more attention to the conglomerate’s operating earnings that exclude the investment figures.