Apple shares rise as Berkshire Hathaway increases holdings in tech giant

Apple shares ended in positive territory after Berkshire Hathaway CEO Warren Buffett said his business had bought an additional 75 million shares in the tech giant.

Apple shares rise as Berkshire Hathaway increases holdings in tech giant

Apple shares closed higher in the US Thursday and are up in pre-market trade too, after Berkshire Hathaway CEO Warren Buffet disclosed his firm added an additional 75 million of the tech innovators shares to its holdings.

The news comes as Apple impressed investors with its Q2 earnings report and as rumours fly over its next iPhone release.

Apple shares ended the US Thursday trading session 0.18% in the green at $176.89. The stock is also over 1% higher in pre-market activity, Friday.

“Unbelievable company”

Speaking on CNBC, Buffett revealed that his company, Berkshire Hathaway, had bought an additional 75 million Apple shares. That’s a huge purchase and adds to its existing holdings of 165.3 million shares of the tech giant it already has.

“It is an unbelievable company,” Buffett said. “If you look at Apple, I think it earns almost twice as much as the second most profitable company in the United States.”

Buffet shared the news of his company’s Apple purchase ahead of its own Q1 earnings release. The report highlights Berkshire Hathaway’s top ten investments which will reveal the company’s approval of Tim Cook’s firm.

iPhone X is best-selling smartphone of Q1

In more good news for Apple and its investors, a report has shown that the iPhone X was the best-selling smartphone in the first three months of 2018.

According to research by Strategy Analytics, Apple shipped 16 million iPhone X units during Q1 2018. The firm’s latest iPhone model captured a 4.6% market share of all smartphone models shipped during that period.

The iPhone 8 shipped 12.5 million units, while 8.3 million iPhone 8 Plus units were also shipped during the period. Some 5.6 million iPhone 7 units were also shipped in Q1.

The next popular smartphone after the range of iPhones was the Xiaomi Redmi 5A, of which 5.4 million units were shipped. The Samsung Galaxy 9 was next at 5.3 million.

“For the second quarter running, the iPhone X remains the world's most popular smartphone model overall, due to a blend of good design, sophisticated camera, extensive apps, and widespread retail presence for the device,” said Strategy Analytics senior analyst, Juha Winter.

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