- Berkshire Hathaway reported a solid increase in its operating profit for the second quarter by 7% to $10.04 billion, with cash stocks swelling to about $150 billion. The investment giant's total net income was $35.91 billion, driven by strong results from the underwriting and insurance sector, compared to a loss of $43.62 billion during the second quarter of last year. The company also reported unrealized gains of about $26 billion from its investment in the second quarter, led by its huge stake in Apple, which grew to $177.6 billion, with the iPhone maker growing by 18% during the quarter, leading the market rally.
- The company's stake in Chevron shrank by $1.4 billion to $19.4 billion at the end of June, as Chevron's shares have fallen significantly from the broader market this year, down more than 11%. Additionally, the Omaha-based group's massive cash pile grew to $147.38 billion at the end of June, near a record high and well above the $130.62 billion share in the first quarter.
Why it matters
The company spent just about $1.4 billion on buybacks during the quarter, bringing the year-to-date total to $5.8 billion. Berkshire's Class A shares hit a new record closing of $541,000 on Thursday, surpassing the previous share high of $539,180 on March 22, 2022. up 13.8% since the beginning of the year.
