Buffett's Berkshire has bigger loss as stocks fall; operating profit sets record

Domaine de Grand Pré’s Recipe for Award-Winning Service and Hospitality | SaltWire -Warren Buffett's Berkshire Hathaway Inc on Saturday posted its first overall quarterly loss in a year as the prices of Apple and other stocks it owns fell, but said improvement in its insurance operations boosted operating profit to a record.

The third-quarter net loss more than quadrupled to $12.77 billion, or $8,824 per Class A share, from $2.8 billion a year earlier. 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. Buffett says the resulting volatility is usually meaningless.

Insurance operations generated $4.89 billion of profit, as the Geico car insurer and reinsurance businesses made money after posting losses in 2022, while rising interest rates boosted income generated from U.S. Treasuries.

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Buffett's Berkshire posts loss as stocks fall, operating profit risesBerkshire said its third-quarter net loss was $12.77 billion, or $8,824 per Class A share, and compared with a $2.8 billion loss a year earlier. Operating...
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Buffett's Berkshire posts loss as stocks fall, operating profit risesBerkshire said its third-quarter net loss was $12.77 billion, or $8,824 per Class A share, and compared with a $2.8 billion loss a year earlier. Operating...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »