Berkshire Hathaway Q3: Operating Profit Up Over 40% Despite Accounting Loss, Cash Pile Grows to $157B
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Berkshire Hathaway reported a $12.77B loss in Q3 due to mark-to-market accounting rules, but operating earnings rose over 40% to $10.76B.
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Revenue was up 21% to $93.21B, led by energy/utility sales tripling. Insurance underwriting swung from a loss to $2.42B profit.
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Berkshire built up its cash pile to over $157B, up from $129B in December 2021. It has about $180B in readily accessible assets.
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Berkshire's only major acquisition was increasing its stake in Cove Point LNG to 75% for $3.3B.
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Despite the macroeconomic pressures, Berkshire's results point to ongoing health in the U.S. stock market.