Berkshire Hathaway BRK earnings Q2 2023

Berkshire Hathaway on Saturday reported a stable enhance in second-quarter working earnings, whereas the money hoard at Warren Buffett’s conglomerate swelled to just about $150 billion.

The Omaha-based big’s working earnings — which embody earnings created from the myriad of companies owned by the corporate, like insurance coverage, railroads and utilities — totaled $10.043 billion final quarter, 6.6% larger than the determine from the identical quarter a yr in the past.

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Internet revenue totaled $35.91 billion, in contrast with a $43.62 billion loss throughout the second quarter final yr. The sturdy outcomes have been bolstered by a bounce in Berkshire’s insurance coverage underwriting and funding revenue.

Berkshire reported a close to $26 billion unrealized achieve from its investments as its gigantic stake in Apple led the market rally within the second quarter. The tech big soared practically 18% throughout the quarter and Berkshire’s wager has ballooned to $177.6 billion.

The “Oracle of Omaha” trimmed his Chevron stake by $1.4 billion to $19.4 billion on the finish of June. Shares of Chevron have considerably lagged the broader market this yr, down greater than 11%. The S&P 500 has rallied virtually 17% in 2023.

Berkshire’s large money pile grew to $147.377 billion on the finish of June, close to a report and far larger than the $130.616 billion within the first quarter.

Share repurchase exercise slowed down because the conglomerate’s inventory climbed again to a report excessive. The corporate spent nearly $1.4 billion in buybacks throughout the quarter, bringing the year-to-date whole to $5.8 billion.

The conglomerate’s Class A shares hit a brand new report shut of $541,000 on Thursday, exceeding the conglomerate’s earlier excessive of $539,180 reached on March 22, 2022. The inventory has gained 13.8% this yr.