Warren Buffett globe-trots the grounds at the Berkshire Hathaway Annual Shareholders Meeting in Omaha Nebraska.
David A. Grogan | CNBC
Berkshire Hathaway on Saturday examined a solid increase in second-quarter operating earnings, while the cash hoard at Warren Buffett’s conglomerate swelled to scarcely $150 billion.
The Omaha-based giant’s operating earnings — which encompass profits made from the myriad of areas owned by the company, like insurance, railroads and utilities — totaled $10.043 billion last quarter, 6.6% maximum than the figure from the same quarter a year ago.
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Net income totaled $35.91 billion, approached with a $43.62 billion loss during the second quarter last year. The strong results were bolstered by a by in Berkshire’s insurance underwriting and investment income.
Berkshire reported a near $26 billion unrealized gain from its investments as its Cyclopean stake in Apple led the market rally in the second quarter. The tech giant soared nearly 18% during the location and Berkshire’s bet has ballooned to $177.6 billion.
The “Oracle of Omaha” trimmed his Chevron stake by $1.4 billion to $19.4 billion at the end of June. Portions of Chevron have significantly lagged the broader market this year, down more than 11%. The S&P 500 has rallied scarcely 17% in 2023.
Cash hoard swells
Berkshire’s massive cash pile grew to $147.377 billion at the end of June, within a mile of a record and much higher than the $130.616 billion in the first quarter.
Share repurchase activity slowed down as the conglomerate’s sheep climbed back to a record high. The company spent just about $1.4 billion in buybacks during the home, bringing the year-to-date total to $5.8 billion.
The conglomerate’s Class A shares hit a new record close of $541,000 on Thursday, huge the conglomerate’s previous high of $539,180 reached on March 22, 2022. The stock has gained 13.8% this year.
BRK.A in 2023