Berkshire says operating profit rises, conducts stock buybacks
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E-mailAug 8 (Reuters) - Berkshire Hathaway on Saturday reported a higher quarterly operating profit, benefiting from higher earnings in manufacturing, service and retail operations, while net income was bolstered by double-digit gains in common stock investments such as Apple and Alphabet.
Second-quarter operating profit rose 16% to $12.98 billion from $11.16 billion a year earlier.
Net income more than doubled to $25.67 billion from $12.37 billion.
Berkshire also repurchased $4.5 billion of its own stock in the second quarter, accelerating repurchases it had begun in March following a nearly two-year hiatus.
(Reporting by Jonathan Stempel in New York; Editing by Sharon Singleton)
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