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Buffett’s Berkshire Hathaway boosts operating profit, lower stock gains hurt net results -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO. Berkshire Hathaway shareholders stand in front of a screen during the annual meeting held in Omaha on May 4, 2013. REUTERS/Rick Wilking/File Photo

(Reuters) – Warren Buffett’s Berkshire Hathaway Inc (NYSE:) Inc announced on Saturday that it had extended its recovery from the initial stages of the pandemic. Better results in many business have offset a larger loss due to insurance underwriting.

Berkshire stated that $7.6 billion was repurchased of its own stock. This shows its desire to have some money to help offset rising stock prices and the inability to buy whole companies.

Comparable to $5.48 trillion in the previous year, Quarterly Operating Profit rose 18% and reached $6.47 Billion.

The net income dropped 66% to $10.3Billion (or $6,882 for each Class A share) from $30.1B. This was due to lower unrealized gains in Berkshire’s common stock holdings, which include Apple Inc (NASDAQ:), and Bank of America Corp. (NYSE:).

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