Investor Warren Buffett slashed Berkshire Hathaway's massive Apple stake that he once called a pillar of the company that he intended to hold indefinitely. However, a drop in the paper value of its remaining investments drug down its second-quarter earnings. Its many operating businesses improved, led by Geico.
FILE - Michelle King of San Francisco does yoga in the See’s Candies booth before the arrival of shareholders for the Berkshire Hathaway annual meeting on May 4, 2024, in Omaha, Neb. Berkshire Hathaway reports earnings on Saturday, Aug. 3, 2024.
Berkshire didn’t give an exact count of its Apple shares in Saturday’s report, but it estimated the investment was worth $84.2 billion at the end of the second quarter even though shares soared over the summer as high as $237.23. At the end of the first quarter, Berkshire’s Apple stake was worth $135.4 billion.
By that measure, Berkshire’s operating earnings grew more than 15% to $11.598 billion, or $8,072.16 per Class A share, from $10.043 billion, or $6,928.40 per Class A share, a year ago. Geico led the improvement of Berkshire’s businesses while many of its other companies that are more sensitive to the economy reported lackluster results.
Berkshire Hathaway Inc. Financial Services General News NE State Wire CA State Wire Earnings A Business F U.S. News N U.S. News
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