Berkshire profit falls on lower gains, underwriting loss
[NEW YORK] Warren Buffett's Berkshire Hathaway Inc on Friday said second-quarter profit fell 15 per cent, reflecting lower investment gains and a loss from insurance underwriting.
Net income for the Omaha, Nebraska-based conglomerate fell to US$4.26 billion, or US$2,592 per Class A share, from US$5 billion, or US$3,042 per share.
Operating profit declined 11 per cent to US$4.12 billion, or US$2,505 per Class A share, from US$4.61 billion, or US$2,803 per share.
Analysts on average expected operating profit of about US$2,791 per share, according to Thomson Reuters.
Mr Buffett believes operating income is a better gauge of how Berkshire and its more than 90 businesses are doing than net income, which fluctuates more because it incorporates investment gains and losses.
REUTERS
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Indian banks to step up IT spends as regulatory scrutiny rises
Swedish central bank lowers key rate, sees two more cuts this year
UOB CEO ‘cautiously optimistic’ on 2024; Q1 profit down 1.6% to S$1.49 billion
Australia lending rules make banks go ‘too hard’ on due diligence: Westpac
Australia banks shower investors with A$5 billion in buybacks
Bank of Japan’s Ueda signals chance of policy action if yen moves affect inflation