Warren Buffett, the investment master known as the "Sage of Omaha," led the American investment company Berkshire Hathaway to achieve a second-quarter operating profit that increased by about 7% compared to the same period last year.
According to Berkshire Hathaway's announced second-quarter results for this year, the company's operating earnings for the second quarter reached $10.043 billion (approximately 13 trillion KRW), marking a 6.6% increase compared to the same period last year. Net income was $35.912 billion (approximately 47 trillion KRW), a significant improvement from a loss of $43.621 billion (approximately 57 trillion KRW) during the same period last year.
This strong performance is attributed to a sharp increase in investment returns by Berkshire Hathaway. In particular, Berkshire Hathaway, which holds a large amount of Apple stock, saw the value of its Apple shares rise to approximately $177.6 billion (about 232 trillion KRW) as Apple's stock price surged about 18% in the second quarter. Unrealized gains are estimated to be around $26 billion (about 34 trillion KRW).
Cash holdings at the end of the second quarter stood at $147.377 billion (approximately 193 trillion KRW), up about 13% from $130.616 billion (approximately 171 trillion KRW) in the previous quarter. This is the second-highest level since 2014.
Earlier, Berkshire Hathaway's Class A shares closed at $541,000 (approximately 700 million KRW) on the 3rd (local time), surpassing the previous record high of $539,180 set in March last year. Class A shares have risen about 14% so far this year. Compared to when Chairman Buffett first founded the company in 1965, the shares have increased by 25,000 times.
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