Buffett’s firm reports $44B loss but its businesses thrive
OMAHA, Neb. (AP) — Warren Buffett’s company reported a $43.76 billion loss in the second quarter as the paper value of its investments plummeted. But Berkshire Hathaway’s many operating companies generally performed well suggesting the overall economy is weathering the pressure from inflation and rising interest rates.
Berkshire said Saturday that a largely unrealized $53 billion decline in the value of its investments forced it to report a loss of nearly $44 billion, or $29,754 per Class A share. Buffett says Berkshire’s operating earnings are a better measure of the company’s performance because they exclude investment gains and losses. By that measure, Berkshire’s operating earnings were up nearly 39% to $9.28 billion, beating Wall Street estimates.
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