Berkshire Hathway (BRK.A; BRK.B) reported a jump in its operating profit earnings for Q2. Driven by higher insurance underwriting profits and increased income, Berkshire Hathaway’s after-tax operating profit rose 15% in Q2 to $11.6B, up from $10B the prior year. The company also reported Q2 net earnings fell year-over-year to $30.35B from $35.91B. The net earnings per Class A share fell from $24,775 in Q2 2023 to $21,122 in Q2 2024. Berkshire also said it repurchased $345M of stock in the period, which is one of the lowest quarterly totals in the last couple of years. Further, Berkshire’s total cash pile rose to a record $277B on June 30, versus $189B on March 31. This largely reflects big sales of Apple (AAPL) as the company reduced its stake by almost 50% to 400M shares in the quarter. Berkshire sold a total of $77B of stocks in the period, mostly Apple.
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