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BERKSHIRE HATHAWAY BEATS EARNINGS ESTIMATES, SELLS STOCK IN APPLE

Wulan Viana
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Key points

  • Berkshire Hathaway stock was down 3% on Monday.

  • The company run by Warren Buffett beat earnings and revenue estimates.

  • It sold a big chunk of Apple stock, its largest holding.

The conglomerate run by Warren Buffett made some major moves in the second quarter.

Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B), the conglomerate run by Warren Buffett, beat earnings estimates in its fiscal second quarter and made some major moves within its $285 billion stock portfolio.

The biggest move made last quarter was to sell a huge chunk of its stake in Apple (NASDAQ: AAPL). Apple remains Berkshire Hathaway’s largest holding, accounting for roughly 29% of the portfolio.

Berkshire Hathaway also beat earnings estimates in the quarter, generating $93.6 billion in revenue, up 1.2% year-over-year. This outpaced estimates of $91.1 billion. Also, its adjusted earnings came in at $5.38 per share, which easily beat estimates of $4.61 per share.

However, Berkshire Hathaway stock was down more than 3% on the day, due mostly to a massive selloff that saw the Dow Jones Industrial Average plunge more than 1,000 points, or 2.7%, while the Nasdaq was off 655 points, or 3.9%, and the SEP 500 fell 174 points, or 3.2% as of late Monday



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