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Berkshire Operating Results Fall Even As Apple Boosts Profit

Berkshire Operating Results Fall Even As Apple Boosts Profit

Berkshire Hathaway Inc on Saturday posted a lower operating profit as the coronavirus pandemic was expected to weigh on some of its businesses, though gains in stocks such as Apple Inc fueled a big quarterly net profit.

Berkshire Hathaway Inc on Saturday posted a lower operating profit as the coronavirus pandemic was expected to weigh on some of its businesses, though gains in stocks such as Apple Inc fueled a big quarterly net profit.

Berkshire said operating profit fell 32% to $5.48 billion from $8.07 billion a year earlier.

Net income rose 82% to $30.14 billion, or $18,994 per Class A share, from $16.52 billion, or $10,119 per share, a year earlier.

The Omaha, Nebraska-based company said it also repurchased about $9 billion of its stock in the quarter, a record, and has bought back about $16 billion this year.

Berkshire’s share price is lagging the Standard & Poor’s 500 for a second straight year despite outperforming from July to September.

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first published:November 07, 2020, 18:54 IST