Berkshire shares jump after big profit gain as Buffett’s conglomerate nears $1 trillion valuation

Stock Market

In this article

Warren Buffett tours the grounds at the Berkshire Hathaway Annual Shareholders Meeting in Omaha Nebraska.
David A. Grogan | CNBC

Berkshire Hathaway shares rose on Monday after Warren Buffett’s conglomerate posted strong earnings for the fourth quarter over the weekend.

Berkshire class B shares jumped 2.3% in premarket trading, set to add to their 17% gain already this year. Berkshire closed on Friday with a $905.5 billion market value, according to FactSet.

Berkshire on Saturday posted fourth-quarter operating earnings of $8.481 billion, about 28% higher than the $6.625 billion from the year-ago period, driven by big gains in its insurance business. Operating earnings refers to profits from businesses across insurance, railroads and utilities.

Meanwhile, Berkshire’s cash levels also swelled to record levels. The conglomerate held $167.6 billion in cash in the fourth quarter, surpassing the $157.2 billion record the conglomerate held in the prior quarter.

Stock Chart IconStock chart icon

hide content
Berkshire Hathaway Class A

Articles You May Like

Mortgage refinance demand surges even as rates cross back over 7%. Here’s why
$1 million homes are now ‘typical’ in a record number of U.S. cities, analysis finds. Here’s where they are
UK economy grew by 0.1% in February
Muni yields rise; more pressure on horizon as new-issue calendar grows
Biden urges restraint on Israel after Iran’s drone and missile attack