APPLE makes over $13 billion in three months
NEWS DIGEST – Apple this week, reported the profit of $13.8bn in the first three months of the year, rising 25% from the same period in 2017.
Currently, after the additional share purchases and an 8% rise in price since the start of the year. Apple’s market value now stands at almost $932bn.
This was made known after the thrilling purchase of shares the legendary investor Warren Buffett. Through Berkshire Hathaway group, Buffett bought about 75 million more shares of Apple Inc, a tech company and I-phone maker.
Buffett now possess roughly 5% stake in the tech giant shares in the first three months of the year as shares in Apple, already the world’s most valuable company, rose by almost 4% on Friday to more than $183.7.
Mr Buffett’s company has been buying up shares in Apple since 2016. Berkshire Hathaway claimed a nearly 3.3% stake, or more than 166 million shares, at the end of last year.
According to Apple Chief Executive Officer, Tim Cook,the company is excited to have Buffett and Berkshire as a major investor.
In a statement released to CNBC, he said; “On a personal level, I’ve always greatly admired Warren and have always been grateful for his insight and advice,”
“in an interview, Mr Buffett affirmed the financial strength of the company, “If you look at Apple, I think it earns almost twice as much as the second most profitable company in the United States.”
Considering the high cost of purchasing Apple products, some analysts have worried the technology giant’s best days are behind it, as competition in the smart phone market increases and sales growth slows.
However, the company has been building up other lines of business asides i-phones’ sales. This includes the services unit that comprise the App Store, Apple Music and Apple Pay.
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