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Berkshire Hathaway doubles buybacks to $9.6 billion as profits fall 28% in Q3
Berkshire Hathaway doubled Q3 buybacks to $9.6 billion despite a 28% drop in overall profits.
Greg Abel's Berkshire Hathaway accelerated share repurchases to $9.6 billion in the third quarter, more than double the previous period's volume. Operating profits fell 5.8% to $12.705 billion as insurance underwriting dropped 43% and investment income declined 14%. Overall earnings including the stock portfolio fell 28% to $22.112 billion while the cash hoard grew 3% to $377.435 billion.
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Berkshire Hathaway doubles buybacks to $9.6 billion as profits fall 28% in Q3
Berkshire Hathaway announced Saturday that it accelerated its share repurchases during the third quarter, purchasing $9.6 billion worth of its own stock. This move occurred despite a significant decline in the conglomerate's operating and overall profits. CEO Greg Abel led the company through this period of financial adjustment. The drop in profits was driven largely by a 28% decrease in the value of its investments. While earnings took a hit, the aggressive buyback strategy suggests management's confidence in the company's long-term value.
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