Berkshire’s Cash Stockpile Soars as It Cuts Its Stake in Apple

Cash at Berkshire Hathaway, the conglomerate run by Warren E. Buffett, soared to nearly $277 billion in the second quarter as it sold a large chunk of its stake in Apple.

Berkshire reported on Saturday that it had sold about 390 million Apple shares in the quarter, after selling 115 million shares from January to March, as Apple’s stock price rose 23 percent. It still owned about 400 million shares worth $84.2 billion as of June 30.

The cash stake grew to $276.9 billion from $189 billion three months earlier largely because Berkshire sold $75.5 billion in stocks, including shares in Bank of America. The conglomerate said its stake in the bank was worth $41.1 billion as of June 30. It was the seventh straight quarter Berkshire sold more stocks than it bought.

Second-quarter profit from Berkshire’s dozens of businesses rose 15 percent to $11.6 billion from $10.04 billion a year earlier. Nearly half of that profit came from Berkshire’s insurance businesses, which include Geico. The higher insurance earnings, it said, reflected increased revenue from premiums, rising investment income as well as the fact there were no significant catastrophic events.

Berkshire’s net income fell 15 percent to $30.34 billion from $35.91 billion a year earlier, when it benefited from rising stock prices that boosted the value of its investments.

Mr. Buffett has long urged shareholders to ignore Berkshire’s quarterly investment gains and losses, which often lead to outsize net profits or net losses.