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The Berkshire Hathaway company, owned by billionaire Warren Buffett, said many of its subsidiaries are experiencing a strong recovery after a severe decline due to the Corona pandemic, which has resulted in increased profits and revenues.
The company, which Buffett has run since 1965, also marked the billionaire’s confidence in his future by buying back $ 6 billion worth of his shares in the second quarter, even though its share price has steadily risen.
Manufacturing, service and retail businesses in Omaha, Nebraska, posted losses last year as economic activity declined, job losses increased and buyers hesitated to buy.
But Berkshire has now said BNSF railroad, car dealerships and condominiums of the same name are among many companies experiencing a “significant” recovery despite supply chain disruptions and rising costs, with profits. and incomes exceeding pre-pandemic levels in some cases.
Another sign of improvement was Berkshire’s decision not to repeat a warning in its previous quarterly results that other business units were still facing the negative impacts of the pandemic.
Second-quarter operating income increased 21% to $ 6.69 billion, or about $ 4,424 per Class 1 share, from $ 5.51 billion, or about $ 3,463 per share, there is one year old.
Net income rose 7% to $ 28.1 billion, or $ 18,488 per Class 1 share, boosted by unrealized gains from Berkshire’s $ 192 billion investments in Apple, Bank of America and American Express.
Revenue jumped 22% to $ 69.1 billion.
Jim Shanahan, analyst at Edward Jones, said the results were “very strong and reflect broad economic strength.”
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