By Maya Rhodan
May 16, 2016

In a vote of confidence for Apple, Berkshire Hathaway disclosed a 9.8 million share stake in the company taken out in the first quarter of this year. The stake was worth $1.07 billion at the end of the first quarter.

Sales of Apple’s iPhone fell dramatically in the first quarter of this year and the company’s stock hit a new low last Thursday, according to CNN Money, but the investment by Warren Buffett’s company has already been a healthy signal for the company. Bloomberg reports Apple stock rose 2.2% during early trading on Monday morning, bringing its value up to $92.50 per share.

The investment by Buffett marks Berkshire Hathaway’s first in Apple, which is foraying into other realms in an effort to offset falling iPhone sales.

Contact us at editors@time.com.

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