Warren Buffett's Berkshire Hathaway reports profit decrease due to wildfires and investment losses.

From Yahoo Finance: 2025-05-03 08:35:00

Warren Buffett’s company, Berkshire Hathaway, reported a profit of $4.6 billion in the first quarter, down from $12.7 billion last year. Buffett announced plans to retire as CEO at the end of the year, with Greg Abel set to take over. The company’s earnings were affected by a drop in the value of investments and insurance losses related to wildfires. Berkshire’s cash reserve has grown to $347.7 billion, with Buffett citing a lack of attractive deals. Despite solid results, Berkshire continues to sell stocks, contributing to the cash pile. Buffett praised Apple CEO Tim Cook for Berkshire’s profits.



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