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Warren Buffett’s company reported nearly $ 50 billion in losses on Saturday due to a large decrease in the value of its investments, although the company still has a large “stack of money,” reports AP.
Berkshire Hathaway Inc. said it lost $ 49.7 billion, or $ 30,653 per Class A share, in the first quarter.
The most serious factor hand the loss is $ 54.5 billion loss in value of investment portfolio from Berkshire from the stock market contracted sharply after the outbreak of the epidemic of coronavirus. Last year, Berkshire’s investments added $ 15.5 billion to the company’s earnings.
Buffett has long said that Berkshire’s operating income is offering better view of quarterly performancelike them exclude investments and derivatives that may vary significantly.
Analyzed by FactSet, they expected operating profit for a Class A share averaging $ 3,996.90. Berkshire’s revenue increased 1 percent to $ 61.27 billion.
The company sits on “a lot of money “of more than $ 137 billionBecause Buffett hasn’t been able to find major acquisitions for the company lately.
Saturday afternoon Buffett plans to run a shortened online version of the Annual Meeting of the company without any of the approximately 40,000 shareholders who are generally present. The company went online and canceled all events due to the coronavirus epidemic.
Berkshire Hathaway Inc. owns more than 90 companies, including the railway company BNSF and insurance, utilities, furniture and jewelry.
The company also has significant investments in companies such as Apple, American Express, Coca-Cola and Bank of America..
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