Berkshire Hathaway accelerates stock buybacks as operating profit falls
Berkshire Hathaway repurchased $9.6 billion of stock in the third quarter, in addition to $4.8 billion bought back earlier this year. Operating profit fell 6% to $12.71 billion, while net income declined 28% to $22.11 billion.
1. Buybacks and earnings
Berkshire Hathaway said it repurchased $9.6 billion of stock in the third quarter, following $4.8 billion of repurchases earlier this year. Third-quarter operating profit fell 6% to $12.71 billion, or about $8,954 per Class A share, from $13.49 billion a year earlier.
2. Net income declines
Net income fell 28% to $22.11 billion, including unrealized gains and losses on stocks Berkshire still owns. Insurance underwriting results declined.
