Berkshire Hathaway accelerates stock buybacks, operating profit falls
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓Berkshire Hathaway bought back $9.6 billion of stock in the latest quarter, even as its operating profit fell 6% to $12.71 billion.
- ✓The Omaha-based firm said it spent more cash under CEO Greg Abel.
- ✓Insurance profits dropped 26% due to higher accident losses at Geico, despite the company holding massive cash reserves.
Story at a Glance
- Category
- Indian Markets
- Reported By
- Reuters
- Reading Speed
- 2 Minute(s)
- Market Focus
- India Economy
The Omaha, Nebraska-based conglomerate said on Saturday it bought back $9.6 billion of stock in the quarter, on top of $4.8 billion earlier in the year, and about $2 billion more in the first four weeks of October.
Sign up here.
Chief Executive Greg Abel has appeared more willing to spend Berkshire's cash than his predecessor Warren Buffett, who had difficulty finding things to buy toward the end of his 60 years at the helm. Berkshire ended September with $356.9 billion of cash and equivalents.
The July-September quarter was the third since Abel, 64, became chief executive. Buffett, 96, stepped down as chairman in September but remains chairman emeritus.
Unlock the Full Story with ArthNow Premium
To continue reading this complete financial story and in-depth market context, upgrade to ArthNow Premium. Enjoy unlimited access across Web and Mobile.
Reuters
Read the full, original unfiltered story directly on the publisher's portal.
This brief is for information only and is not investment advice. ArthNow is not a SEBI-registered investment adviser and does not publish buy or sell recommendations. Original reporting is credited to the publisher named above. Read our editorial policy or report an error.