Warren Buffett’s Berkshire Hathaway Inc. on Saturday reported improved operating results as it extended its rebound from the early stages of the pandemic, even as it cut back some stock holdings and boosted its cash hoard to a record. Berkshire also said it repurchased $7.6 billion of its own stock in the third quarter, reflecting its need to put cash to work as share prices regularly set new highs and purchases of whole companies appeared too expensive. The repurchases and other stock market activity suggest Buffett sees greater value in his own company than in others. Indeed, Berkshire ended September with $149.2 billion of cash and equivalents, and sold about $2 billion more stock than it bought in the quarter. Third-quarter operating profit rose 18 percent to $6.47 billion, or about $4,331 per Class A share, from $5.48 billion in the year-earlier period. Net income declined 66 percent to $10.3 …
Buffett’s Berkshire Hathaway Boosts Operating Profit, Cash Hoard Sets Record
November 6, 2021
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