Warren Buffett’s Berkshire Hathaway Inc. has disclosed that it has taken an 11-million-share stake in Verizon Communications Inc., increased its holdings in Wal-Mart Stores Inc., and trimmed its stake in the troubled General Motors Warren Buffett’s Berkshire Hathaway Inc. (BRK.A,BRK.B) has disclosed the size of the stake it took in telecommunications giant Verizon Communications Inc. (VZ) in the first quarter of its 2014 fiscal year (1QFY14; ended March 31, 2014). The Omaha, Nebraska-based conglomerate said it bought 11 million shares for $524 million in the telecommunications and broadband company. Going by the size of the stake, which represents only 1% of Verizon’s total shares, it seems that the decision has been made by either Ted Weschler or Todd Combs, his portfolio managers. Buffett had previously said that he normally chooses the big multibillion-dollar positions for Berkshire, and that his managers buy smaller stakes. After the disclosure of Warren Buffett’s stake, the stock price of the New York-based company increased 1.7% in after-hours trading to $48.78. Verizon reported revenues of $120.5 billion at the end of FY13, and expects them to grow nearly 4% this year to $125.3 billion. The company’s net income stood at $11.50 billion at the end of FY13, which translates to adjusted per-share earnings (EPS) of $3.53. Going forward, net income is expected to increase 31% year-over-year (YoY) to $15.08 billion.