Warren Buffett didn't believe the iPhone X doom predictions

Warren Buffett didn't believe the iPhone X doom predictions

Berkshire Hathaway (NYSE:BRK.A) will be releasing its earnings data before the market opens on Saturday, May 5th.

Berkshire typically discloses its largest common stock holdings and percentage stakes in its quarterly and annual reports.

During the other part of the interview on Friday, Buffett has revealed and said that he had sold all of his shares of computer and information giant IBM.

The company also called out the iPhone X as the most popular model in the product lineup which is a new trend; higher-priced Plus models of iPhones were never more popular than slightly cheaper and smaller flagships in previous years.

"If you look at Apple, I think it earns nearly twice as much as the second most profitable company in the United States", Buffett told CNBC, which first reported here the news on Thursday.

Warren Buffett didn't believe the iPhone X doom predictions
Warren Buffett didn't believe the iPhone X doom predictions

Up to Thursday's close, Apple stock had risen more than 5 percent since Berkshire disclosed on February 14 that it had raised its stake in the Cupertino, California-based company.

"It is an unbelievable company", Buffett says.

However, there may also be another reason for the investment: Berkshire's cash position.

Apple chief executive officer Tim Cook told CNBC he was "thrilled" to have Buffett and Berkshire as a major investor. Shares of Apple were up about 3.7%, or $6.60, contributing about 45 points to the Dow, with a $1 move in any one of the blue-chip gauge's 30 components equating to a 6.89-point swing. The business had revenue of $58.91 billion during the quarter.

Four years ago, Buffett encouraged shareholders coming to town to use Airbnb instead of hotels. The average analyst price target from the past three months is US$194.77, suggesting a 6 per cent potential return in the next year, according to data compiled by Bloomberg.

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