$Berkshire Hathaway-A (BRK.A.US)$,$Berkshire Hathaway-B (BRK.B.US)$The financial report for the first quarter of 2024 was released. The financial report shows:

• Q1 revenue of US$89.869 billion, with market expectations of US$85.92 billion, compared with US$85.393 billion in the same period last year, an increase of 5.24% over the previous year;

• Q1 net profit of 12.702 billion US dollars, market expectations were 9.892 billion US dollars, compared with 35.504 billion US dollars in the same period last year, a year-on-year decrease of 64.22%;

• Q1 operating revenue was US$11.22 billion, up 39.14% year over year;

• Q1 Insurance's investment and operating income was US$2,598 million, and railway business revenue was US$1,143 million;

• Class A common stock earned $8,825 per share, or $24,377 per share for the same period last year; Class B common shares earned $5.88 per share, compared to $16.25 per share for the same period last year;

• Q1 cash reserves reached a record high of US$189 billion;

The fair value of the fixed income securities investment held by the company as of the end of the first quarter was US$17.167 billion. The fair value of investments in US bonds, foreign bonds, and corporate bonds was US$4.503 billion, US$10.997 billion, and US$1,429 billion, respectively.

The company's book income on Apple and other stock portfolios with a total value of more than 370 billion US dollars was 1.88 billion US dollars.

Berkshire bought back 2.6 billion US dollars of company shares in the first quarter, up from 2.2 billion US dollars in the fourth quarter of last year, but it was nearly halved from the 4.4 billion US dollars repurchased in the first quarter of last year. At that time, it was the largest repurchase amount in two years. In 2023, the company repurchased $9.2 billion.

The top five positions are freshly released

In addition, Berkshire Hathaway said that as of March 31, 2024, the top five holdings accounted for 75% of its investment portfolio, and the top five holdings were:$American Express (AXP.US)$,$Apple (AAPL.US)$,$Bank of America (BAC.US)$,$Coca-Cola (KO.US)$,$Chevron (CVX.US)$.

Among them, Apple's fair value is US$135.4 billion, Bank of America's fair value is US$39.2 billion, American Express's fair value is US$34.5 billion, Coca Cola's fair value is US$24.5 billion, and Chevron's fair value is US$19.4 billion.

At the end of the fourth quarter of last year, the market value of the five major holdings mentioned above was US$174.3 billion, US$34.8 billion, US$28.4 billion, US$23.6 billion, and US$18.8 billion respectively, accounting for 79% of the total stock holdings.

Among them, what is more obvious is that the market value of Apple held by Berkshire has shrunk sharply compared to the end of last year, a total decrease of 38.9 billion US dollars, or about 22%. This may be related to the fall in Apple's stock price, but Apple's cumulative decline in the first quarter was nearly 11%, which means Buffett may have further reduced his Apple position in the first quarter.

If you calculate Apple's stock price at the end of March, Berkshire held about 790 million Apple shares at the time, a decrease of about 116 million shares compared to the end of last year, a decrease of about 12.8%. Berkshire's efforts to reduce its Apple stock holdings in the first quarter were significantly higher than in the fourth quarter of last year.

Editor/Somer