Warren Buffett's Berkshire Hathaway Inc posted a higher operating profit on Saturday, but the coronavirus pandemic pummeled its common stock ...
Warren Buffett's Berkshire Hathaway Inc posted a higher operating profit on Saturday, but the coronavirus pandemic pummeled its common stock investments and led to a record net loss.
FILE PHOTO: Warren Buffett, CEO of Berkshire Hathaway Inc, pauses while playing bridge as part of the company annual meeting weekend in Omaha, Nebraska U.S. May 6, 2018. REUTERS/Rick Wilking/File PhotoREUTERS: Warren Buffett's Berkshire Hathaway Inc posted a higher operating profit on Saturday, but the coronavirus pandemic pummeled its common stock investments and led to a record net loss.
Berkshire's first-quarter net loss totaled US$49.75 billion, or US$30,653 per Class A share, reflecting US$54.52 billion of losses from investments, mainly common stocks. A year earlier, net earnings totaled US$21.66 billion, or US$13,209 per share.Quarterly operating profit, which Buffett considers a better performance measure, rose 6per cent to US$5.87 billion from US$5.56 billion.
An accounting rule requires Berkshire to report unrealized stock losses and gains with earnings. This causes huge swings in Berkshire's net results that Buffett considers meaningless.
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