8/8/2020, 2:01 PM (Source: TeleTrader)
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Berkshire Hathaway Q2 net earnings at $26.3B, up 87% YoY

Warren Buffett's conglomerate Berkshire Hathaway Inc. announced on Saturday that its net earnings attributable to shareholders stood at $26.3 billion in the second fiscal quarter of 2020, representing an 86.8% jump from the corresponding time span a year ago.

Net earnings per average equivalent Class B share soared 90% year on year to hit $10.88. Berkshire Hathaway's investment gains reached $31.6 billion, skyrocketing by 299% from the second trimester in 2019. However, operating earnings fell by 10.2% on an annual basis to $5.51 billion in the second three month period.

"Approximately $5.1 billion was used to repurchase Berkshire shares during the second quarter bringing the six month total to $6.7 billion. At June 30, 2020, insurance float (the net liabilities we assume under insurance contracts) was approximately $131 billion, an increase of $2 billion since yearend 2019," the company noted in the press release.

Baha Breaking the News (BBN) / MS