Buffett’s Berkshire Rallies to Record High on Earnings Beat

Conglomerate reported second quarter earnings on Saturday
Apple stake has ballooned in value amid stock’s surge

Berkshire Hathaway Inc. posts gains in operating profit. Strength in its insurance businesses helped counter inflationary pressures that have weighed on billionaire investor Warren Buffett’s conglomerate in the last year. Vonnie Quinn reports on Bloomberg Television.Source: Bloomberg

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By Bre Bradham and Carmen Reinicke

August 7, 2023 at 5:14 PM UTC

Updated on

August 7, 2023 at 8:19 PM UTC

This article is for subscribers only.

Berkshire Hathaway Inc. jumped to a record high after its Saturday earnings report showed an operating profit for the second quarter that exceeded Wall Street expectations.

Class B shares of Warren Buffett’s conglomerate of railroad, utility, energy and insurance companies gained 3.6% on Monday to $362.58, for the highest close ever. It marks the sharpest gain since November, powering the stock past the previous all-time high set in March last year.