Berkshire: Buffett’s Berkshire posts record profits, quarterly earnings also rise

Warren Buffett’s Berkshire Hathaway Inc posted its second straight annual profit on Saturday, helped by gains on common stock investments and its insurance business becoming more profitable as rising interest rates.

Fourth-quarter operating income was $8.48 billion, up 28% from $6.63 billion in the year-ago period to approximately $5,884 per Class A share.

Net income for the quarter was $37.57 billion, or $26,043 per Class A share, more than double the $18.08 billion a year earlier.

Buffett believes the net results are misleading because they include gains and losses on investments Berkshire did not sell.

For all of 2023, Berkshire reported net income of $96.2 billion, surpassing the previous record of $89.9 billion set in 2021. Berkshire lost $22.8 billion in 2022 when the stock market fell.

(You can now subscribe to ETMarkets WhatsApp channel)

(The driving force behind Sensex and Nifty Track’s latest market news, stock tips and expert advice is ETMarkets. Also, ETMarkets.com is now on Telegram. To get fastest news alerts on financial markets, investment strategies and stock alerts, follow our Telegram feed Subscribe. )

Download the Economic Times news app to get daily market updates and real-time business news.

Subscribe to The Economic Times Prime and read Economic Times ePaper Online and Sensex Today.

Top trending stocks: SBI stock price, Axis Bank stock price, HDFC Bank stock price, Infosys stock price, Wipro stock price, NTPC stock price.