Investing
Berkshire has record profit, cash soars to $189 billion as Apple stake sinks By Reuters
OMAHA, Neb. (Reuters) – Warren Buffett’s Berkshire Hathaway (NYSE:) Inc posted a record quarterly profit on Saturday, bolstered by a significant increase in income from insurance underwriting.
Berkshire said net income fell 64%, reflecting much lower unrealized gains from its common stock holdings as the share price of Apple (NASDAQ:) declined. It also repurchased $2.6 billion of its own stock.
First-quarter operating profit rose 39% to $11.22 billion, or about $7,807 per Class A share, from $8.07 billion a year earlier.
Net income fell to $12.7 billion, or $8,838 per share, from $35.5 billion. An accounting rule requires Berkshire to report unrealized gains and losses with net results, and Buffett urges investors to ignore the resulting volatility.
The results were released ahead of Berkshire’s annual shareholder meeting in Omaha, part of a weekend that draws tens of thousands of people to the city.
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