Warren Buffett's Berkshire Hathaway Inc on Saturday posted a record net loss of nearly $50 billion as the coronavirus pandemic pummeled its common stock investments, but operating profit rose even as COVID-19 hurt its businesses.
FILE PHOTO: Warren Buffett, CEO of Berkshire Hathaway Inc, pauses while playing bridge as part of the company annual meeting weekend in Omaha, Nebraska U.S. May 6, 2018. REUTERS/Rick Wilking/File Photo
Berkshire’s first-quarter net loss totaled $49.75 billion, or $30,653 per Class A share, reflecting $54.52 billion of losses from investments, mainly common stocks. A year earlier, net earnings totaled $21.66 billion, or $13,209 per share. An accounting rule requires Berkshire to report unrealized stock losses and gains with earnings. This causes huge swings in Berkshire’s net results that Buffett considers meaningless.
The Standard & Poor’s 500 slid 20% in the first quarter but there were steeper falls in several large Berkshire holdings including American Express, Bank of America, Wells Fargo and four airlines — American, Delta, Southwest and United.
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