's operating profits jumped in the second quarter despite fears of slowing growth, but Warren Buffett's conglomerate was not immune to the market turmoil.
The conglomerate's operating earnings — which encompass profits made from the myriad of businesses owned by the conglomerate like insurance, railroads and utilities — totaled $9.283 billion in the second quarter of 2022, Berkshire reported Saturday morning. It marked a 38.8% increased from its profits during the same quarter a year ago.
However, the company posted a $53 billion loss on its investments during the quarter. The legendary investor again asked investors to not focus on the quarterly fluctuations in its equity investments. "The amount of investment gains/losses in any given quarter is usually meaningless and delivers figures for net earnings per share that can be extremely misleading to investors who have little or no knowledge of accounting rules," Berkshire said in a statement.
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Source: Reuters - 🏆 2. / 97 Read more »