Ritter / Rick Wilking
- Warren Buffett’s Berkshire Hathaway posted third-quarter earnings on Saturday.
- The billionaire investor company bought back a record 9 9 billion from its shares, and spent $ 4.8 billion on stocks after selling a net.812.8 billion in the second quarter.
- Berkshire’s increased spending means its cash pile has fallen by about 1 1 billion to below 6 146 billion.
- Buffett and his team announced more than 19 19 billion in investments last quarter as they struck deals with Dominion Energy and Scripps and also bought shares in Bank America of America, Snowflake and five Japanese trading companies.
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Warren Buffett’s Berkshire Hathaway boosted share buybacks and bought more shares than it sold in the third quarter, with prominent investors opening their wallets and finding deals again after taking cover during the epidemic.
Buffett’s company – which owns several businesses, including Giko, Seas Candy and Burlington Northern Railways, and has a stake in billions of dollars in public companies such as Apple Paul, Bank of America and Coca-Cola – last repurchased its own billion dollar stock. Quarter, breaking its previous record of 1 5.1 billion in the second quarter.
Berkshire also stockpiled after selling 12.8 billion stockpiles on a net basis in the second quarter. The stock made a net purchase of billions of dollars. Increased spending means that its cash pile fell from about 1 1 billion to just under 6 146 billion, leaving plenty of ammunition for future deals.
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The epidemic continued to weigh on Berkshire’s finances over the past quarter. It is reporting a drop% in revenue as sales decline in both “Insurance and Others” and “Railways, Utilities and Energy”.
For example, due to lower demand for aircraft parts, the revenue of precision castparts has dropped by more than 40% as the manufacturer’s pre-tax earnings have dropped by 80%.
However, the high value of Apple’s Berkshire claims – its largest holding – and other companies benefited from an investment of about $ 32 billion, with its net income rising 83% to 4 40.4 billion.
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Berkshire’s earnings underscore its decline in second-quarter financial holdings and the dumping of airlines’ shares, announcing more than 19 19 billion in investment in the previous quarter.
In particular, Buffett and his team struck a 10 billion deal to buy most of Dominion Energy’s natural gas assets, tackled બે 2.1 billion in Bank of America shares, announced a 6 billion bet on five Japanese trading companies, and Snowflake bought 35 735 million shares of stock. The cloud-data platform went public, and agreed to pay Scripps 600 600 million to fund the acquisition in exchange for selected stock and warrants.
