Berkshire Hathaway shares jump on record profit
Berkshire Hathaway shares, all-sessions on IG, are trading higher after the conglomerate reported record quarterly operating profits. IG Financial Analyst @AngelineOng takes a look at what’s behind the strength.
(Video Transcript)
Berkshire Hathaway shares
The Oracle of Omaha has done it again. Berkshire Hathaway shares looking higher. This is an all-sessions stock on the IG platform. The conglomerate led by Warren Buffett reporting its highest ever quarterly operating profit, nearly $36 billion, and it shares all sessions are rising 1.3% there.
Interest rates
Rising interest rates and better results at the Geico car insurance unit meant Q2 profit rose 38% and interest and other investment income also grew six-fold.
Operating profit topped $10 billion. Those rising rates, however, made it more costly to buy and upgrade homes, hurting results at Berkshire's Clayton Homes and building products businesses. But overall, it has been a good quarter for Berkshire Hathaway.
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