2023-05-07 10:44:43
May 6th. Berkshire Hathaway Inc of billionaire Warren Buffett announced profit Q1/2023 hit $35.5 billion, driven by gains in stocks like Apple Inc, higher investment income, and the recovery of auto insurer Geico.
Berkshire also sped up its buybacks of treasury shares to $4.4 billion, while cutting investments in other stocks like Chevron Corp, still a great value stock.
The results were announced ahead of Berkshire’s annual shareholder meeting in Omaha, when the holiday weekend draws tens of thousands of people to the city.
Billionaire Buffett, 92, has run Berkshire since 1965, transforming the business from a struggling textile company into a conglomerate with dozens of businesses including Geico Insurance Company, Railway Company BNSF, Berkshire Hathaway Energy, and other manufacturers and retailers include See’s Candies Company and popular ice cream brand Dairy Queen.
[Berkshire Hathaway chi gần 5 tỷ USD mua cổ phần của TSMC]
This diversification has led many investors, not just Mr. Buffett’s fans, to see Berkshire as a stable long-term investment even amid recession fears and in times of crisis. banking industry.
Berkshire Hathaway’s net income for the first quarter of 2023 was equivalent to $24,377 per Class A share compared with $3,784 per share for the same period a year ago.
The group’s operating profit for the first quarter of 2023 increased 13% to $8.07 billion, or about $5,561 per Class A share, from $7.16 billion previously.
Berkshire’s cash reserves increased by $2 billion in the first quarter of 2023 to $130.6 billion as it sold $13.3 billion of stock and bought only $2.9 billion. Berkshire also owns a 23.6% stake in oil company Occidental Petroleum Corp.
From the beginning of the year until now share Berkshire’s class A rose 4.9%, trailing the Standard & Poor’s 500’s 7.7% gain (the market capitalization index of the 500 largest US companies).
In November 2022, Berkshire Hathaway also spent nearly 5 billion USD to buy shares of TSMC in Taiwan (China).
Financial expert Warren Buffett is one of the world’s most successful investors with a track record of making profitable deals.
Van Anh (VNA/Vietnam+)
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