Berkshire shares climb to highest level under Abel on strong results, new stakes

Investing.com -- Berkshire Hathaway Inc. shares were trading over 2.5% higher on Monday, reaching their highest level since legendary investor Warren Buffett announced his departure as chief executive in May 2025. The stock climbed as much as 3.3% earlier in the session after successor Greg Abel increased spending from the company's cash reserves and financial results exceeded analyst expectations.

The Omaha, Nebraska-based conglomerate reduced its cash position to $364.7 billion on June 30 from a record $380.2 billion three months earlier, according to its quarterly report released on Saturday.

Berkshire repurchased $4.5 billion of its own stock and bought $23.5 billion of other stocks during the second quarter. The purchases included a $10 billion investment in Alphabet Inc., the parent company of Google and YouTube.

The company spent at least $10.1 billion more cash in July on stock buybacks and the acquisition of home builder Taylor Morrison.

Second-quarter operating profit increased 16% to $12.98 billion. Gains from railroad, service and some insurance businesses offset rising accident claims and advertising spending at the Geico car insurer. Net income more than doubled to $25.67 billion, including paper gains on investments such as Alphabet and Apple Inc. Revenue grew 10% after more than two years of largely flat growth.

Berkshire Class A shares last traded at current levels on May 2, 2025, the day before Buffett announced he was stepping down after 60 years as chief executive.

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