Berkshire Hathaway Inc reported its first quarter earnings on Saturday, which included a $35.5 billion profit for the first three weeks of 2023.
This performance gave rise to investors’ sentiments that the firm is a secure long-term investment, particularly given its diverse portfolio. Since arriving in 1962, The 92-year-old Warren Buffett has been credited with transforming Berkshire Hathaway from a struggling textile company to a conglomerate with businesses including Berkshire Hathaway Energy, Dairy Queen ice cream, Geico, and See’s Candies.
Quarterly operating profit for the company rose by 13% to $8.07 billion from $7.16 billion the previous quarter. Its cash on hand grew to $130.6 billion; a $2 billion rise. This comes after the conglomerate sold $13.3 billion of stocks over the course of the first quarter while buying just $2.9 billion.
Berkshire Hathaway’s Class A shares have increased 4.9% in value since the start of the year, trailing behind the Standard & Poor’s 500’s 7.7% gain. This is a major contrast from 2022 when the index trailed Berkshire by 23.4 percentage points.