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AP-National

Berkshire’s profit plunges 64% on portfolio holdings as Buffett sells Apple

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Published 1:03 PM

By JOSH FUNK
AP Business Writer

OMAHA, Neb. (AP) — Berkshire Hathaway says its first quarter profit plummeted on the paper value of its investments. At the same time, the company said Saturday that most of the businesses it owns outright did well. A few hours before shareholders got the chance to hear from CEO Warren Buffett at the annual meeting in Omaha, Berkshire reported a $12.7 billion profit, or $8.825 per Class A share, in the quarter. That’s down roughly one-third from a year ago. The biggest news is that Berkshire sold off about 13% of its massive Apple stake, though the iphone maker remains Berkshire’s biggest single investment and Buffett says he plans to keep it.

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