Monday, April 15, 2024

Summary Box: Berkshire Hathaway 1Q profit falls (AP)

LOWER PROFIT: Berkshire Hathaway Inc.’s first-quarter profit fell 58 percent to $1.5 billion, or $917 per Class A share, from $3.6 billion, or $2,272 per Class A share, a year ago. Revenue rose to $33.7 billion, up from $32 billion last year.


INSURANCE LOSSES: The sharp drop in earnings was due to hefty losses to the company’s insurance segment as a result of the major disasters in Japan, New Zealand and Australia.


BRIGHT SPOT: Berkshire’s insurance segment overall, which includes auto and home insurer Geico, still contributed $131 million to net income because of investment gains.

Sam Allcock
Sam Allcock
Sam heads up Cheshire-based PR Fire, an online platform that has already helped over 10,000 businesses to grab widespread media coverage on their news at an extremely accessible price point.

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