Clicky

  • Login
  • Register
  • Submit Your Content
  • Contact Us
Wednesday, August 21, 2024
World Tribune
No Result
View All Result
  • Home
  • News
  • Business
  • Technology
  • Sports
  • Health
  • Food
Submit
  • Home
  • News
  • Business
  • Technology
  • Sports
  • Health
  • Food
No Result
View All Result
World Tribune
No Result
View All Result

Berkshire Hathaway earnings 2024 Q2

August 3, 2024
in News
Reading Time: 4 mins read
A A
Berkshire Hathaway earnings 2024 Q2
0
SHARES
ShareShareShareShareShare

READ ALSO

Volatility spike was a ‘huge overreaction,’ but more could be ahead, strategist says

Japan trade on deck, Wall Street rally pauses

Warren Buffett walks the floor and meets with Berkshire Hathaway shareholders ahead of their annual meeting in Omaha, Nebraska on May 3rd, 2024. 

David A. Grogan

Berkshire Hathaway‘s cash pile swelled to a record $276.9 billion last quarter as Warren Buffett sold big chunks in stock holdings including Apple.

The Omaha-based conglomerate’s cash hoard jumped significantly higher from the previous record of $189 billion, set in the first quarter of 2024. The increase came after the Oracle of Omaha sold nearly half of his stake in Tim Cook-led tech giant in the second quarter.

Berkshire has been a seller of stocks for seven quarters straight, but that selling accelerated in the last period with Buffett shedding more than $75 billion in equities in the second quarter. That brings the total of stocks sold in the first half of 2024 to more than $90 billion. The selling by Buffett has continued in the third quarter in some areas with Berkshire trimming its second biggest stake, Bank of America, for 12 consecutive days, filing this week showed.

For the second quarter, Berkshire’s operating earnings, which encompass profits from the conglomerate’s fully-owned businesses, enjoyed a jump thanks to the strength in auto insurer Geico. Operating earnings totaled $11.6 billion in the second quarter, up about 15% from $10 billion a year prior.

Buffett, who turns 94 at the end of the month, confessed at Berkshire’s annual meeting in May that he is willing to deploy capital, but high prices give him pause.

“We’d love to spend it, but we won’t spend it unless we think [a business is] doing something that has very little risk and can make us a lot of money,” the investment icon said at the time. “It isn’t like I’ve got a hunger strike or something like that going on. It’s just that … things aren’t attractive.”

The conglomerate bought back just $345 million worth of its own stock in the second quarter, significantly lower than the $2 billion repurchased in each of the prior two quarters.

The S&P 500 has surged the last two years to record levels as investors bet the Federal Reserve would lower inflation with higher interest rates, while avoiding an economic recession. So far, that has played out with the S&P 500 up 12% in 2024. However, concerns about a slowing economy have been awakened recently by some weak data, including Friday’s disappointing July jobs report. The Dow Jones Industrial average lost 600 points on Friday. Investors have also recently grown concerned about the valuations in the technology sector, which has led the bull market because of optimism surrounding artificial intelligence innovation.

Geico boosts earnings

Geico, the company Buffett once called his “favorite child,” registered nearly $1.8 billion in underwriting earnings before taxes in the second quarter, more than tripling the level of $514 million from a year ago.

Profit from BNSF Railway came in at $1.6 billion, in line with last year’s number. Berkshire Hathaway Energy utility business saw earnings fall to $326 million, nearly half of the $624 million from the same quarter a year ago. BHE continues to face pressure for possible wildfire liability.

Stock Chart IconStock chart icon

Berkshire Hathaway earnings 2024 Q2

Berkshire Hathaway ‘A’ shares, year-to-date

Berkshire’s net earnings, which includes short-term investment gains or losses, declined to $30.3 billion in the second quarter from $35.9 billion in the same period a year ago. Buffett cautions investors to not pay attention to quarterly fluctuations in unrealized gains on investments, which can be “extremely misleading.”

Credit: Source link

ShareTweetSendSharePin
Previous Post

Warren Buffett’s Berkshire Hathaway sold nearly half its stake in Apple

Next Post

CrowdStrike outage will cost Fortune 500 companies $5.4 billion in damages

Related Posts

Volatility spike was a ‘huge overreaction,’ but more could be ahead, strategist says
News

Volatility spike was a ‘huge overreaction,’ but more could be ahead, strategist says

August 21, 2024
Japan trade on deck, Wall Street rally pauses
News

Japan trade on deck, Wall Street rally pauses

August 21, 2024
GMC targets electric truck leadership against Tesla, Ford, Rivian
News

GMC targets electric truck leadership against Tesla, Ford, Rivian

August 21, 2024
Brits snap up lower mortgages as BOE cut boosts market
News

Brits snap up lower mortgages as BOE cut boosts market

August 20, 2024
Eli Lilly weight loss drug cuts risk of developing diabetes in trial
News

Eli Lilly weight loss drug cuts risk of developing diabetes in trial

August 20, 2024
Who is Mike Lynch, UK tech entrepreneur missing in superyacht sinking?
News

Who is Mike Lynch, UK tech entrepreneur missing in superyacht sinking?

August 20, 2024
Next Post
CrowdStrike outage will cost Fortune 500 companies .4 billion in damages

CrowdStrike outage will cost Fortune 500 companies $5.4 billion in damages

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

What's New Here!

Mets prospect Brandon Sproat strikes out final 11 hitters in gem

Mets prospect Brandon Sproat strikes out final 11 hitters in gem

August 3, 2024
This museum in Madrid lets the blind touch and experience the wonders of the world

This museum in Madrid lets the blind touch and experience the wonders of the world

August 8, 2024
Stoecklin Logistics Expands North American Team to Enhance Service and Support

Stoecklin Logistics Expands North American Team to Enhance Service and Support

August 1, 2024
What it’s like to fly Bark Air, the luxury airline for dogs

What it’s like to fly Bark Air, the luxury airline for dogs

August 3, 2024
Steph Curry’s ‘storybook’ Olympics ending might be greatest moment

Steph Curry’s ‘storybook’ Olympics ending might be greatest moment

August 11, 2024
Kamala Harris’ tax records reveal ‘fairly basic’ approach, experts say

Kamala Harris’ tax records reveal ‘fairly basic’ approach, experts say

August 2, 2024
What to expect at the iPhone 16 keynote

What to expect at the iPhone 16 keynote

August 20, 2024

About

World Tribune is an online news portal that shares the latest news on world, business, health, tech, sports, and related topics.

Follow us

Recent Posts

  • Volatility spike was a ‘huge overreaction,’ but more could be ahead, strategist says
  • Kevin James recreates viral video in electric Mets moment
  • Japan trade on deck, Wall Street rally pauses
  • Mets hope Francisco Alvarez’s walk-off homer a breakout sign

Newslatter

Loading
  • Submit Your Content
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2024 World Tribune - All Rights Reserved!

No Result
View All Result
  • Home
  • News
  • Business
  • Technology
  • Sports
  • Health
  • Food

© 2024 World Tribune - All Rights Reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In