Warren Buffet's investment company posts a $2.69bn loss
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Berkshire Hathaway, the investment company of legendary investor Warren Buffett, reported a loss in the third quarter, mainly due to declines in equity markets and losses from insurance companies, reports Reuters.
Berkshire Hathaway's net loss was $2.69 billion, or $1,832 per Class A share. A year earlier, the company had a net income of $10.34 billion or $6,882 per share.
Buffett's company's operating profit was 20 percent better than a year earlier. It amounted to $7.76 billion compared to $6.47 billion in the same quarter of 2021. Its improvement is mainly due to rising interest rates increasing the value of cash, now the largest part of Berkshire Hathaway's portfolio.
