Warren Buffett’s Berkshire Hathaway Inc on Saturday posted its second straight record annual profit, bolstered by gains from its common stock investments and as rising interest rates helped its insurance businesses generate more income.
Fourth-quarter operating profit rose 28% to $8.48 billion, or about $5,884 per Class A share, from $6.63 billion a year earlier.
Net income for the quarter more than doubled to $37.57 billion, or $26,043 per Class A share, from $18.08 billion a year earlier.
Buffett considers net results misleading because they include gains and losses on investments that Berkshire has not sold.
For all of 2023, Berkshire posted a net profit of $96.2 billion, topping the old record $89.9 billion set in 2021. Berkshire lost $22.8 billion in 2022, when the stock market fell.
(You can now subscribe to our ETMarkets WhatsApp channel)
(What’s moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts,
subscribe to our Telegram feeds .)
Download The Economic Times News App to get Daily Market Updates & Live Business News.
Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.
Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
FOLLOW US ON GOOGLE NEWS
Read original article here
Denial of responsibility! Todays Chronic is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email –
todayschronic.com. The content will be deleted within 24 hours.
