Berkshire Hathaway Inc.of Warren Buffettposted a profit of $35.5 billion in the first quarter of 2023, helped by gains from stocks including Apple Inc, while rising investment income and a rebound from auto insurer Geico bolstered its operating results.
berkshire it also accelerated its own share buybacks, buying back $4.4 billion worth of them, while reducing its investments in other stocks, such as Chevron Corp, which remains one of its largest holdings.
buffett92 years old, has directed berkshire since 1965, transforming it from a struggling textile company into a conglomerate with dozens of businesses, including Geico, the BNSF railroad, Berkshire Hathaway Energy, and manufacturing and retail units like See’s Candies and Dairy Queen ice cream.
The diversification has led many investors, not just Buffett supporters, to view Berkshire as a stable long-term investment, even amid recession fears and concerns about the banking sector.
Quarterly operating profit rose 13% to $8.07 billion, from $7.16 billion.
Geico’s pre-tax profit was $703 million, thanks to higher premiums, fewer accidents and a significant drop in advertising spending, which may have led to fewer high-risk drivers seeking coverage.
