Warren Buffett tours the grounds at the Berkshire Hathaway annual shareholder meeting in Omaha, Nebraska.
David A. Grogan | cnbc
Berkshire Hathaway Second-quarter operating income reported solid growth on Saturday, as cash reserves at Warren Buffett’s group swelled to nearly $150 billion.
The Omaha-based giant’s operating income – which includes profits from myriad company-owned businesses such as insurance, railroads and utilities – totaled $10.043 billion last quarter, up 6.6% from the figure for the same quarter a year earlier. .
Net income totaled $35.91 billion, compared with a loss of $43.62 billion during last year’s second quarter. Berkshire’s strong results were driven by a jump in insurance underwriting and investment income.
Berkshire recorded unrealized profits of about $26 billion from its investments due to its huge stake Apple Led the market rally in the second quarter. The tech giant rose nearly 18% during the quarter and Berkshire’s stake grew to $177.6 billion.
The “Oracle of Omaha” laid him off beam The stake rose by $1.4 billion to $19.4 billion at the end of June. Chevron shares have lagged behind the broader market this year, falling more than 11%. The S&P 500 is up about 17% in 2023.
Cash reserves are increasing
Berkshire’s huge cash reserves rose to $147.377 billion at the end of June, near a record and far higher than the $130.616 billion in the first quarter.
Share buyback activity slowed as the group’s stock climbed back to record highs. The company spent about $1.4 billion in buybacks during the quarter, bringing the year-to-date total to $5.8 billion.
The group’s Class A shares hit a new record of $541,000 on Thursday, surpassing the group’s previous high of $539,180 set on March 22, 2022. The stock is up 13.8% this year.
BRK.A in 2023
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