Berkshire also reported a net earnings loss for the quarter of almost $2.69 billion, driven by a $10.4 billion hit tied to its investment portfolio as economic uncertainty rattled markets.
The company repurchased $1.05 billion of shares in the period, in line with the approximately $1 billion bought back in the prior three months. Buffett has increasingly turned to buybacks as a way of deploying cash when opportunities are otherwise sparse.
Berkshire’s cash hoard increased slightly to $109 billion as Buffett maintained its stash of dry powder amid a market downturn spurred by economic fears.
This article was provided by Bloomberg News.