Berkshire says operating profit rises, conducts stock buybacks
Tweet
Share
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)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- BofA raises AMD target to $720, sees server CPU TAM tripling to $211B by 2030
- Mizuho bullish on Tower Semiconductor, points to AI optical growth
- Barclays asks if equity markets are nearing the boiling point
Create E-mail Alert Related Categories
ReutersRelated Entities
EarningsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
