This article was originally published on CNBC.com

PUBLISHED Saturday, August 5, 2023

   Yun Li @YUNLI626

 KEY POINTS

• The Omaha-based conglomerate’s operating earnings totaled $10.043 billion last quarter, 6.6% higher than the figure from the same quarter a year ago.

• Net income totaled $35.91 billion, compared with a $43.62 billion loss during the second quarter last year.      

• Berkshire’s massive cash pile grew to $147.377 billion at the end of June, near a record and much higher than the $130.616 billion in the first quarter.

Warren Buffett tours the grounds at the Berkshire Hathaway Annual Shareholders Meeting in Omaha Nebraska.

David A. Grogan | CNBC

Berkshire Hathaway on Saturday reported a solid increase in second-quarter operating earnings, while the cash hoard at Warren Buffett’s conglomerate swelled to nearly $150 billion.

The Omaha-based giant’s operating earnings — which encompass profits made from the myriad of businesses owned by the company, like insurance, railroads and utilities — totaled $10.043 billion last quarter, 6.6% higher than the figure from the same quarter a year ago.

Net income totaled $35.91 billion, compared with a $43.62 billion loss during the second quarter last year. The strong results were bolstered by a jump in Berkshire’s insurance underwhttps://www.cnbc.com/quotes/AAPL/riting and investment income.

Berkshire reported a near $26 billion unrealized gain from its investments as its gigantic stake in Apple led the market rally in the second quarter. The tech giant soared nearly 18% during the quarter 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. Shares of Chevron have significantly lagged the broader market this year, down more than 11%. The S&P 500 has rallied almost 17% in 2023.

Cash hoard swells

Berkshire’s massive cash pile grew to $147.377 billion at the end of June, near a record and much higher than the $130.616 billion in the first quarter.

Share repurchase activity slowed down as the conglomerate’s stock climbed back to a record high. The company spent just about $1.4 billion in buybacks during the quarter, 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, exceeding the conglomerate’s previous high of $539,180 reached on March 22, 2022. The stock has gained 13.8% this year.

Important information:

This article is provided for information only. The views of the author and any people quoted are their own and do not constitute financial advice. The content is not intended to be a personal recommendation to buy or sell any fund or trust, or to adopt a particular investment strategy. 

Please note the above article was first published by CNBC and should not be regarded as individual investment advice. Please speak to Ethical Offshore Investors or your personal adviser BEFORE you make any investment decision based on the information contained within this article.

At Ethical Offshore Investments, we can access a wide range of  specialist Managed Funds and Fund Managers, as well as low cost Exchange Traded Funds (ETF’s), that are available on the various offshore investment platforms we offer. We can also invest directly in companies such as Berkshire Hathaway.

We do NOT CHARGE any additional entry and/or exit fees to purchase these investments for our clients.

Speak with Ethical Offshore Investments to learn how you can save on your investments costs by investing via Ethical Offshore.

Socially Responsible Investing – Ethical Business Standards