Berkshire Hathaway posts quarterly loss as stock holdings fall
2022.11.05 08:38
Berkshire Hathaway posts quarterly loss as stock holdings fall
Budrigannews.com – Berkshire Hathaway (NYSE:) Inc on Saturday posted a third-quarter loss, as the conglomerate run by billionaire Warren Buffett said it lost money on its stock investments and from insurance underwriting.
The net loss of $2.69 billion, or $1,832 per Class A share, compared with a profit of $10.34 billion, or $6,882 per share, a year earlier.
Operating profit rose 20% to $7.76 billion, or about $5,294 per Class A share, from $6.47 billion, or about $4,331 per share, a year earlier, helped by foreign currency gains and improvement in several businesses.
Berkshire also repurchased $1.05 billion of its own stock in the quarter, and has repurchased $5.25 billion this year.
