Berkshire Q2 Earnings Up 6.6%
Warren Buffett's Berkshire Hathaway reported second-quarter operating earnings of $10 billion, a 6.6% increase compared to the same quarter the previous year. The company's net income also rebounded to $35.91 billion from a loss of $43.62 billion in the second quarter of the previous year. The company reported a substantial unrealized gain of nearly $26 billion from its investments, with its stake in Apple now valued at $177.6 billion. Warren Buffett made a strategic move by trimming Berkshire's stake in Chevron by $1.4 billion, bringing it down to $19.4 billion. This decision came as Chevron's performance lagged behind the broader market, with its shares down over 11% while the S&P 500 rallied almost 17% in 2023. Berkshire's Class A shares achieved a new record close of $541,000, indicating a 13.8% gain in value for the year. These impressive financial results reflect the conglomerate's diversified business holdings and strategic investment decisions.
Transcript
00:00 It's Benzinga and here's what's on the block.
00:02 Warren Buffett's Berkshire Hathaway reported second-quarter operating earnings of $10 billion,
00:06 a 6.6% increase compared to the same quarter the previous year.
00:10 The company's net income also rebounded to $35.9 billion from a loss of $43.6 billion
00:15 in the second quarter of the previous year.
00:18 The company reported a substantial unrealized gain of nearly $26 billion from its investments,
00:22 with its stake at Apple now valued at $177.6 billion.
00:26 Warren Buffett made a strategic move by trimming Berkshire's stake in Chevron by $1.4 billion,
00:30 bringing it down to $19.4 billion.
00:33 This decision came as Chevron's performance lagged behind the broader market, with its
00:36 shares down 11% while the S&P 500 rallied almost 17% in 2023.
00:41 For all things money, visit Benzinga.com.
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