Home > Brands > Apple > Apple Shares Hit New Record After Buffett Grabs 75 Million

Apple Shares Hit New Record After Buffett Grabs 75 Million

Apple shares – which had been languishing in recent months –  hit an all-time record on Friday following the company’s latest quarterly report which showed big jumps in revenue and profit – and news that the world’s No. 1 investor Warren Buffett has bought a huge bundle of the shares – and may be seeking a boardroom seat.

His 75 million shares give Buffett a stake of around five percent in the tech giant. His input was welcomed by Apple CEO Tim Cook who said: “On a personal level, I’ve always greatly admired Warren and have always been grateful for his insight and advice.”

So a boardroom seat just might be possible . . .

For its first fiscal quarter, ended December Apple posted quarterly revenue of $88 billion, up 13pc, and net profit of US$20 billion – both of them records. That compared with net revenue of $78 billion and net profit of 17.9 billion in same quarter a year earlier.

Gross margin was between 38 and 38.5 percent – a figure many other ITC companies would die for.

“We’re thrilled to report the biggest quarter in Apple’s history, with broad-based growth that included the highest revenue ever from a new iPhone line-up,” said Cook – adroitly thumbing his nose at recent consistent reports that the latest iPhone models had flopped in the market.

You may also like
Afterpay Share Price Tumbles As AUSTRAC Orders Audit
Foxconn Prepared To Move Apple Out Of China
Apple Accused Of Censoring Videos Mocking Pricey Stand
Apple Wants Developers To Put Its Login Above Google, Facebook
New Chromebooks Land In Australia, But Still No Assistant