Warren Buffett’s Berkshire Hathaway reported a loss of $43.76 billion in the second quarter as the value of the company’s investments plummeted in a turbulent quarter for the markets. Berkshire said on Saturday that a largely unrealized write-down of $53 billion in the value of its investments forced it to report a loss of nearly $44 billion, or $29,754 per Class A share. That’s down from $28.1 billion, or $18,488 per Class A share, a year ago. Buffett has long said he believes Berkshire’s operating profit is a better measure of the company’s performance because it excludes gains and losses on investments, which can vary widely from quarter to quarter. BERKSHIRE HATHAGWAY WARREN BUFFETT PROVIDES CITIGROUP ELEMENT By that measure, Berkshire’s earnings rose significantly to $9.28 billion, or $6,312.49 per Class A share, from $6.69 billion last year, or $4,399.92 per Class A share. Berkshire Hathaway CEO Warren Buffett (FBN) Analysts covering Berkshire were expecting the company to report operating earnings per Class A share of $4,741.64. Berkshire said its revenue rose more than 10 percent to $76.2 billion in the quarter as many of its businesses raised prices. Berkshire’s many companies continue to perform well, suggesting the overall economy is facing pressure from inflation and rising interest rates. NUBANK PRINTS REVENUE ESTIMATES IN BUFFETS ON POTENTIAL CUSTOMER ADDITIONS It’s been a tough quarter for shares of three of Berkshire’s biggest holdings — Apple, American Express and Bank of America. Ticker Security Last Change %AAPL APPLE INC. 165.35 -0.23 -0.14%AXP AMERICAN EXPRESS CO. 157.51 +0.64 +0.41%BAC BANK OF AMERICA CORP. 33.96 +0.58% +1. All fell significantly in the second quarter, but recovered in the third quarter, boosting the value of Berkshire’s portfolio since the end of the quarter. A BNSF freight train with 76 container cars and FedEx cargo trailers travels from Seattle to points east. ( (Photo by William Campbell/Getty Images) / Getty Images) In addition to investments, Berkshire wholly owns more than 90 companies. Berkshire said operating profit rose at all of its major units, including insurance companies, major utilities and BNSF Railroad. BUFFETT’S BERKSHIRE HATHAWAY IS BUYING EVEN MORE EQUITY SHARES Berkshire reported a pretax loss of $487 million from Geico, which reported larger auto claims losses due to rising vehicle values and continued auto parts shortages. In this photo, the Government Employees Insurance Corporation (GEICO) logo appears on a smartphone. (Photographic illustration by Rafael Henrique/SOPA Images/LightRocket via Getty Images/Getty Images) Berkshire is often seen as a microcosm of the broader economy because its collection of manufacturing, retail, insurance, utilities and services businesses touch so many different industries, and Berkshire’s earnings tend to follow what the economy does. CLICK HERE TO READ MORE ABOUT FOX BUSINESS Berkshire said it was sitting on $105.4 billion in cash at the end of the quarter, little changed from the $106 billion it reported at the end of the first quarter. The Associated Press contributed to this report.
