2023-08-05 16:32:01
Warren Buffett
The 92-year-old is one of the most successful investors in the world.
(Photo: AP)
Denver Warren Buffett’s Berkshire Hathaway is back in profit. The conglomerate reported net income of $35.9 billion for the second quarter. A year ago, the Omaha, Nebraska-based company posted a loss of almost $44 billion. Results can vary wildly because Berkshire has to account for changes in its $380 billion stock portfolio.
From April to June, the prices of many papers recovered, above all those of Apple. The iPhone maker is by far the largest position in Buffett’s well-regarded portfolio, posting a 17 percent gain in the second quarter.
Operating profit rose slightly to a good ten billion dollars. This is Buffett’s preferred metric because it ignores volatile price fluctuations. The results were driven, among other things, by Berkshire’s insurance division. Profits rose there by 74 percent to 1.25 billion dollars.
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