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Berkshire Hathaway, Inc. led by Warren Buffett (NYSE:BRK) (NYSE:BRK) reported second-quarter earnings on Saturday that fell year-on-year as a decline in investment returns more than offset an increase in operating income. The company dropped its stake in technology giant Apple, Inc. (NASDAQ:APPL) continued.
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Berkshire’s Key Q2 Metrics: Second quarter earnings fell 15.50% year over year from $35.91 billion to $30.35 billion. Operating income, which refers to the income generated by its companies, rose 15.48% to $ 11.60 billion. On the other hand, its capital gains decreased by 27.52% to $18.75 billion.
The fall in investment returns came amid volatile market conditions. Taking the S&P 500 as a proxy for broader market performance, the equity market rose 3.92% in the second quarter. The index rose between 5,523.64 and 4,953.56 respectively during the quarter.
The 10-year US yield remains above 4%, ranging between 4.188% and 4.638%.
Each Class A salary decreased from $24,775 in the second quarter of 2023 to $21,122 in the second quarter of 2024.
Performance Fees – Dividend Breakdown: Insurance and insurance funds increased by 81.5% and 40.1%, respectively to $2.26 billion and $3.32 billion.
Operating income from freight and rail operator BNSF fell slightly to $1.23 billion. Berkshire Hathaway Energy Company’s earnings and operating income contribution from other businesses decreased by 16.6% and 3.51%, respectively, to $655 million and $3.38 billion, respectively.
Investment Holdings: The announcement on core portfolio activities shows that Berkshire has reduced its core assets to 72% of its total assets from 79% at the end of the December quarter. The fair value of the company’s equity investments was $284.9 billion compared to $335.9 billion at the end of the first quarter.
Do Not Pass:
The total fair value of the main five and the changes in the stake against the first quarter are as follows:
|
Company |
End-Q2’24 |
End-Q1’24 |
Change (%) |
|---|---|---|---|
|
apple |
$84.2B |
$135.4B |
-37.8% |
|
Bank of America, Inc. |
$41.1B |
$39.2B |
+4.9% |
|
American Express Co. |
$35.1B |
$34.5B |
+1.7% |
|
Coca-Cola Co. |
$25.5B |
$24.5B |
+4.1% |
|
Chevron Corp Group |
$18.6B |
$19.4B |
-4.1% |
Berkshire began reducing its stake in Apple in the first quarter, and Buffett said at the annual shareholder meeting that Apple would continue to be its largest shareholder. He said the purchase is to raise funds during an uncertain economic climate and to cover federal income taxes.
The fair value of fixed-growth securities investments fell slightly to $16.6 billion, from $17.2 billion at the end of the March quarter.
Income Increase: Berkshire’s cash and cash equivalents totaled $276.94 billion at the end of the second quarter, up from $189 billion at the end of the first quarter.
NYSE-listed Berkshire Class A shares have gained 18.21% for the year to date compared to a 12.83% gain for the SPDR S&P 500 ETF Trust (SPY), an exchange-traded fund that tracks the S&P 500 Index. it is broad. They ended Friday’s session down 0.86% at $641,435, according to Benzinga Pro data.
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The article Warren Buffett’s Berkshire Hathaway Q2 Operating Profit Rises More Than 15%, Cash Hoard Increases to $277B As It Dumps Interest in Apple originally appeared on Benzinga.com
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