FILE PHOTO: Berkshire Hathaway Chairman Warren Buffett walks through the exhibit hall as shareholders gather to hear from the billionaire investor at Berkshire Hathaway Inc’s annual shareholder meeting in Omaha, Nebraska, U.S., May 4, 2019. REUTERS/Scott Morgan
November 7, 2020
(Reuters) – Berkshire Hathaway Inc on Saturday posted a lower operating profit as the coronavirus pandemic was expected to weigh on some of its businesses, though gains in stocks such as Apple Inc fueled a big quarterly net profit.
Berkshire said operating profit fell 32% to $5.48 billion from $8.07 billion a year earlier.
Net income rose 82% to $30.14 billion, or $18,994 per Class A share, from $16.52 billion, or $10,119 per share, a year earlier.
The Omaha, Nebraska-based company said it also repurchased about $9 billion of its stock in the quarter, a record, and has bought back about $16 billion this year.
Berkshire’s share price is lagging the Standard & Poor’s 500 for a second straight year despite outperforming from July to September.
(Reporting by Jonathan Stempel in New York; editing by Jason Neely)