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Buffett, 94, who has steered Berkshire for sixty years, declared that he will resign as CEO at the conclusion of 2025. Greg Abel, who oversees all of the company's non-insurance operations, will fill his position.
Berkshire reported that its net income for the January-March period decreased to $4.6 billion, or $3,200 per Class A share, down from $12.7 billion, or $8,825 per share, in the same quarter last year.
The investment loss for the final quarter was $5.04 billion, unlike the income of $1.48 billion from a year prior. According to U.S. accounting standards, this number reflects alterations in the value of securities held by the company, and is therefore significantly affected by market shifts.
Buffett describes operating profit as a better reflection of the company and advises investors to concentrate on it.
Berkshire's operating profit for the first quarter decreased to $9.64 billion, down from $11.22 billion in the same period last year. The decrease was primarily attributed to a 1.9-fold reduction in operating profit within the insurance sector, stemming from losses incurred from wildfires in California.
source: bloomberg.com
Berkshire reported that its net income for the January-March period decreased to $4.6 billion, or $3,200 per Class A share, down from $12.7 billion, or $8,825 per share, in the same quarter last year.
The investment loss for the final quarter was $5.04 billion, unlike the income of $1.48 billion from a year prior. According to U.S. accounting standards, this number reflects alterations in the value of securities held by the company, and is therefore significantly affected by market shifts.
Buffett describes operating profit as a better reflection of the company and advises investors to concentrate on it.
Berkshire's operating profit for the first quarter decreased to $9.64 billion, down from $11.22 billion in the same period last year. The decrease was primarily attributed to a 1.9-fold reduction in operating profit within the insurance sector, stemming from losses incurred from wildfires in California.
source: bloomberg.com
