OMAHA, Neb., May 4 (Reuters) - Berkshire Hathaway Inc ( BRK/A )

posted a record quarterly profit on Saturday, boosted

by strength in its insurance operations, and appears to have

sold a significant number of Apple ( AAPL ) shares as its cash

stake swelled to $189 billion.

The size of Berkshire's stake in Apple ( AAPL ) stake fell 22% to

$135.4 billion as of March 31 from $174.3 billion at the end of

2023, even though the iPhone maker's share price fell just 11%

in the quarter.

A large sale would be an about-face for Buffett, who has

long touted the iPhone maker's leadership and market dominance.

Some investors have expressed concern that Apple ( AAPL ) had become too

large a part of Berkshire's investment portfolio.

First-quarter operating profit rose 39% to $11.22 billion,

or about $7,807 per Class A share, from $8.07 billion a year

earlier.

Net income fell 64% to $12.7 billion, or $8,838 per share,

from $35.5 billion.

An accounting rule requires Berkshire to report

unrealized gains from its common stock holdings. Buffett urges

investors to ignore the resulting volatility.

Berkshire also repurchased $2.6 billion of its own stock. It

repurchased a small additional amount in the first three weeks

of April.

The results were released ahead of Berkshire's annual

shareholder meeting in Omaha, part of a weekend that draws tens

of thousands of people to the city.