Berkshire Profit Jumps on Buffett’s Goldman Bet, Derivatives
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Berkshire Hathaway Inc. said second-quarter profit rose 74 percent on gains from Chairman Warren Buffett’s investment in Goldman Sachs Group Inc. and improved returns from derivatives.
Net income advanced to $3.42 billion, or $2,072 a Class A share, from $1.97 billion, or $1,195, a year earlier, the Omaha, Nebraska-based company said yesterday in a statement. Operating earnings, which exclude some investment results, were $1,640 a share, beating the $1,624 average estimate of three analysts surveyed by Bloomberg.