From CNBC: 2024-05-04 09:35:36

Berkshire Hathaway saw a significant increase in operating earnings in the first quarter of 2024, with a surge of 39% to $11.22 billion. Insurance underwriting earnings saw a massive 185% rise, while Geico earnings soared 174%. The company’s cash hoard reached a record high of $188.99 billion, up from $167.6 billion. Buffett calls net earnings fluctuations meaningless.

Despite the record cash levels, Berkshire Hathaway trimmed its Apple stake by 13% in the first quarter. However, Apple remains the company’s largest stock holding. Berkshire also bought back $2.6 billion in stock. The annual shareholder meeting, dubbed “Woodstock for Capitalists,” is coming up, where Buffett will discuss the conglomerate’s holdings and more.

This year’s annual meeting will be the first since the death of Vice Chairman Charlie Munger in November. Berkshire Class A shares have risen over 11% year to date, hitting an all-time high in February. Class B stock has gained over 12% in the same period. Buffett is known for his investing prowess and economic insights.



Read more at CNBC:: Berkshire Hathaway (BRK.A) earnings Q1 2024