"Berkshire Hathaway reported a 4% drop in operating profits, largely due to currency-exchange losses and reduced insurance profits. The company sold a net $3 billion of stocks, marking the 11th consecutive quarter as a net seller."
"Despite a decline in second-quarter earnings, higher income from BNSF Railway and Berkshire Hathaway Energy contributed positively, albeit insufficient to counterbalance the drop caused by slim insurance underwriting profits."
Berkshire Hathaway's recent earnings report revealed a 4% decline in operating profits, totaling $11.2 billion. This decline stemmed from slimmer profits in insurance underwriting and an $877 million foreign currency exchange loss. The company continues to be a net seller of stocks for the 11th consecutive quarter, selling $6.9 billion worth while only purchasing $3.9 billion. Despite this, Berkshire maintains a record cash pile of $344 billion. The write-down of its stake in Kraft Heinz by about $5 billion further impacted its finances. High valuations have hindered acquisitions.
Read at Business Insider
Unable to calculate read time
Collection
[
|
...
]