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Berkshire Hathaway Inc reports quarterly net loss of $12.8 billion
By USInMinutes - May 06, 2024, 11:04 PM ET
Last Updated - May 27, 2024, 01:02 AM EDT
Company Reports Revenue of $89.9 billion
Berkshire Hathway Inc. [BRK-B] has reported a net loss of $12.8 billion for quarter ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the quarter was $89.9 billion
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Based in OMAHA, Nebraska, BERKSHIRE HATHAWAY INC operates in the FINANCE sector.
In the quarterly report for the period ending March 31, 2024, Berkshire Hathaway reported a total revenue of $89.9 billion, showing a positive growth compared to the previous year's revenue of $85.4 billion. The company's leasing revenues increased to $2.2 billion from $2.0 billion in the same period last year.
The total costs and expenses for the current quarter amounted to $76.5 billion, slightly higher than the $76.1 billion reported in the previous year. Earnings before income taxes and equity method earnings stood at $15.2 billion, a significant decrease from the $44.1 billion reported in the same quarter last year.
Net earnings for the current quarter were $12.8 billion, down from $35.8 billion in the previous year's quarter. This led to net earnings attributable to Berkshire Hathaway shareholders of $12.7 billion, compared to $35.5 billion in the same period of the previous year.
Earnings per share for the equivalent Class A members were $8,825, a decrease from $24,377 in the previous year. Meanwhile, for equivalent Class B members, earnings per share were $5.88, down from $16.25 in the same quarter last year.
In the Insurance and Other segment, revenues totaled $65.5 billion, up from $63.5 billion in the previous year. Insurance premiums earned increased to $21.5 billion from $19.8 billion, while costs and expenses in this segment decreased slightly compared to the previous year.
For the Railroad, Utilities, and Energy segment, total revenues were $24.4 billion, showing growth from $21.9 billion in the same quarter last year. However, the total costs and expenses for this segment also increased to $22.2 billion from $19.8 billion in the previous year.
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