Economic news

Buffett's Berkshire Hathaway buys additional 75 mln Apple shares

Berkshire Hathaway Inc., controlled by Warren Buffett, bought an astounding 75 million shares of Apple, CNBC reported. Berkshire Hathaway already owns about 170 million shares of the iPhone producer.

Photo: Lacy O’ Toole | CNBC

The latest deal will allow Berkshire Hathaway to bypass the State Street Corporation and become the third largest investor in Apple.

Although Apple still receives more than 60% of the revenue from iPhone sales, services are playing an increasingly important role for the company recently as growth in the overall smartphone market slows.

Apple posted $61.1 billion in revenue for the quarter ending March, up from $52.9 billion last year, and pledged $100 billion capital return program.

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