Warren Buffett-led Berkshire Hathaway reported its third-quarter earnings, revealing strong profits despite a decline in the company’s stock value. The results show that Berkshire earned $5.6 billion in net income, marking a significant increase from last year’s $4.7 billion.
In an interview with CNBC, Buffett stated that Berkshire would not be repurchasing any of its shares during the quarter. This decision is part of the company’s focus on investing its capital in new businesses rather than returning it to shareholders through buybacks.
The stock price has fallen by nearly 10% over the past year, partly due to the increased competition in the insurance industry and rising interest rates. However, Buffett remains optimistic about Berkshire’s future prospects, citing the company’s diverse portfolio of businesses and its ability to adapt to changing market conditions.
Overall, Berkshire’s Q3 earnings demonstrate the company’s financial strength and resilience, despite the challenges faced by the broader market.
Source: https://www.barrons.com/articles/berkshire-buffett-stock-price-earnings-key-takeaways-db5178e2