Key Points of berkshire hathaway
Operating earnings for the company, which has its headquarters in Omaha,
came to $10.043 billion last quarter, up 6.6% over the same period last year.
Compared to a $43.62 billion deficit in the second quarter of previous year, net income came to $35.91 billion.
At the end of June, Berkshire’s enormous cash hoard totaled $147.377 billion, close to a record and significantly more than the $130.616 billion it had at the end of the first quarter.
Berkshire Hathaway’s On Saturday, Warren Buffett’s conglomerate Berkshire Hathaway reported a significant increase in second-quarter operational profitability, and its cash hoard increased to about $150 billion.
Operating earnings, which include profits from the several industries the Omaha-based conglomerate owns, such as insurance, railroads, and utilities, totaled $10.043 billion last quarter, 6.6% more than the amount from the same period a year earlier.
Compared to a $43.62 billion deficit in the second quarter of previous year, net income came to $35.91 billion. An increase in Berkshire’s investment and insurance underwriting income contributed to the positive results.
As its massive holding in Apple drove the market boom in the second quarter, Berkshire reported an unrealized gain from investments of about $26 billion. During the quarter, the tech behemoth increased by almost 18%, and Berkshire’s wager has grown to $177.6 billion.
At the end of June, the “Oracle of Omaha” reduced his Chevron holding by $1.4 billion to $19.4 billion. With a decline of more than 11%, Chevron shares have notably trailed the general market this year. The S&P 500 has increased by over 17% in 2023.
Cash hoard grows.
At the end of June, Berkshire’s enormous cash hoard totaled $147.377 billion, close to a record and significantly more than the $130.616 billion it had at the end of the first quarter.
As the conglomerate’s shares rose once more to a record high, share repurchase activities decreased. During the quarter, the company spent just under $1.4 billion on share buybacks, bringing the year-to-date total to $5.8 billion.
Class A shares of the company reached a new high of $541,000 on Thursday, surpassing the previous high of $539,180 set on March 22, 2022. This year, the stock has increased by 13.8%.