Berkshire Hathaway: $ 5.1 billion repurchase of shares

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Berkshire Hathaway, Warren Buffett’s investment firm, reported that during the second quarter it repurchased its $ 5.1 billion stake, following the outbreak of the corona plague that hit conglomerate operations. The share repurchase is the largest for the company in a set period of time, more than double the $ 2.2 billion repurchase program it made in the last quarter of 2019. In fact, the current amount is slightly higher than what Buffett spent on buying Berkshire shares throughout 2019.

According to estimates, the company reported an operating loss of $ 23.29 billion.

Read more in Calcalist:

While some of the companies in which it invests have suffered losses due to the effects of the corona, Berkshire is a large investor in several companies whose shares have actually climbed since the declines in the markets in late March, led by Apple whose share value has almost doubled since March 23. Other companies in which Berkshire has a large holding and which have recently made a profit include J.P. Bank. Morgan whose stock rose 27% during the period in question and Amazon which jumped 66%. Analysts estimate that these investments will help raise Berkshire’s net profit to a new high.

Warren Buffett Photo: Bloomberg

On the other hand, Berkshire-owned railway company BNSF, which was apparently hit by the corona repercussions, so did the Berkshire-owned clothing companies, which apparently recorded declines in the second quarter.

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