Buffett's Berkshire Posts Bigger Loss as Stocks Fall; Operating Profit Sets Record

Rising interest rates boosted yields on Berkshire's vast U.S. Treasury bill holdings above 5%, while fewer car accidents and a quiet Atlantic hurricane season respectively bolstered the Geico car insurer and reinsurance businesses.

Jazwares, a toymaker that makes the popular Squishmallows and which Berkshire bought one year ago, helped offset those declines, generating $469 million of revenue in the quarter. Berkshire's net results swing widely from quarter to quarter because accounting rules require the company to report investment gains and losses even if it buys and sells nothing.

Insurance operations generated $4.89 billion of profit, up from just $336 million a year earlier, when it lost $2.7 billion from Hurricane Ian alone.Among other businesses, BNSF, which often accounts for about one-fifth of Berkshire's operating profit, saw net income fall 15% to $1.22 billion.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Buffett's Berkshire posts bigger loss as stocks fall; operating profit sets recordBuffett's Berkshire posts bigger loss as stocks fall; operating profit sets record
Source: Investingcom - 🏆 450. / 53 Read more »

Buffett's Berkshire has bigger loss as stocks fall; operating profit sets recordWarren Buffett's Berkshire Hathaway Inc (BRKa.N) on Saturday posted its first overall quarterly loss in a year as the prices of Apple (AAPL.O) and other stocks it owns fell, but said improvement in its insurance operations boosted operating profit to a record.
Source: Reuters - 🏆 2. / 97 Read more »

Buffett's Berkshire posts loss as stocks fall, operating profit risesBuffett's Berkshire posts loss as stocks fall, operating profit rises
Source: Investingcom - 🏆 450. / 53 Read more »