Berkshire Hathaway posts huge quarterly loss; operating results improve
The slide in U.S. stock prices punished Berkshire Hathaway Inc's (BRKBC) bottom line in the second quarter as the company run by billionaire Warren Buffett posted a $43.8 billion loss, though operating results improved with better results from insurance and the BNSF railroad.
Berkshire's net loss was equivalent to $29,754 per Class A share. Net income had been $28.1 billion, or $18,488 per Class A share, a year earlier.
Quarterly operating profit rose 39% to $9.28 billion, from $6.69 billion, or $4,424 per Class A share, a year earlier.
Berkshire also repurchased $1 billion of its own stock in the quarter, and has repurchased $4.2 billion this year.