Berkshire's profit plunges 64% on portfolio holdings as Buffett sells Apple
OMAHA, Neb. (AP) — Berkshire Hathaway’s first quarter profits plummeted along with the paper value of its investments, but the company said Saturday that most of the businesses it owns outright performed well.
The company reported reported a $12.7 billion profit, or $8.825 per Class A share, in the quarter. That’s roughly one-third of last year’s $35.5 billion, or $24,377 per A share.
The figures were heavily influenced by a large drop in the paper value of Berkshire’s investments. Buffett encourages investors to pay more attention to the conglomerate’s operating earnings that exclude the investment figures. Operating earnings jumped 39% to $11.222 billion from last year’s $8.065 billion as its insurance companies showed strong results.
On a per share basis, this year’s first quarter operating figure amounts to $7,796.47 per Class A share, beating three analysts’ estimates by FactSet Research, who predicted $6,701.87 per Class A share.
Related articles
Juro Kara, rebel playwright behind Japan's modern underground theater, dies at 84
TOKYO (AP) — Juro Kara, who helped shape Japan’s postwar avant-garde theater, defiantly yet playfull2024-05-05Harbin war museum sees soaring visits
Harbin, capital of Heilongjiang province, arguably this winter's hottest travel destination, has2024-05-05China, US need to keep faith with win
[Photo/VCG]Apple just last week launched its new store in downtown Shanghai, the second-largest flag2024-05-05This congresswoman was born and raised in Ukraine. She just voted against aid for her homeland
SHERIDAN, Ind. (AP) — U.S. Rep. Victoria Spartz, the first and only Ukrainian-born member of Congres2024-05-05What DO cicadas do? Everything you need to know about sex
Trillions of slumbering, sex-crazed cicadas are expected to reemerge across the US starting this mon2024-05-05How Columbia University's complex history with the student protest movement echoes into today
NEW YORK (AP) — College students taking up space and making demands for change. University administr2024-05-05
atest comment