Warren Buffet’s Berkshire Hathaway Q1 operating profit rises 39% to $11.22 billion, net income drops 64% YoY
Berkshire Hathaway Q1 Results: Warren Buffett’s Berkshire Hathaway Inc announced its first quarter results on Saturday, May 4, reporting a record quarterly profit, boosted by a significant increase in income from insurance underwriting. The first-quarter operating profit rose 39 per cent to $11.22 billion, or about $7,807 per Class A share, from $8.07 billion a year earlier.
Berkshire’s net income dropped 64 per cent, reflecting much lower unrealized gains from its common stock holdings as the share price of Apple declined. It also repurchased $2.6 billion of its own stock.
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.
more to come
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Published: 04 May 2024, 05:48 PM IST
Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.