Berkshire Hathaway, the massive conglomerate run by billionaire Warren Buffett, posted a nearly $50 billion net loss in the first quarter.
Berkshire, which owns companies including Geico auto insurer, Burlington Northern Santa Fe railroad, Dairy Queen, Duracell and many other financial, industrial and consumer firms, has been hit hard by the Covid-19 pandemic. Just like the rest of the market and economy.The company said in a regulatory filing Saturday morning that before the coronavirus hit the United States in mid-March, many of Berkshire's businesses were posting revenue and earnings increases compared to a year ago.
Buffett on health care initiative: We'll do our best 01:34"As efforts to contain the spread of the COVID-19 pandemic accelerated in the second half of March and continued through April, most of our businesses were negatively affected, with the effects to date ranging from relatively minor to severe," Berkshire said in the filing. The company's overall revenue rose slightly from the year ago quarter, to $61.3 billion.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Buffett's Berkshire posts nearly $50 billion loss on coronavirus, operating profit risesWarren Buffett's Berkshire Hathaway Inc on Saturday posted a record net loss of nearly $50 billion as the coronavirus pandemic pummeled its common stock investments, but operating profit rose even as COVID-19 hurt its businesses.
Read more »
Warren Buffett’s Berkshire Hathaway Reports $49.7 Billion Loss for First QuarterBerkshire Hathaway swung to a first-quarter loss as the selloff in markets hit the company’s vast investments, though the company’s operating earnings rose in the quarter.
Read more »
Buffett likely to finally address pandemic at Berkshire Hathaway meetingBerkshire Hathaway Inc's annual meeting will be nothing like the extravaganzas of years past, but will give Warren Buffett a chance to show how resilient his cash-rich conglomerate may be to the coronavirus pandemic, and the investment opportunities it offers.
Read more »
Here's what to expect from Warren Buffett during Berkshire Hathaway's first virtual annual meetingBerkshire's cash pile has left investors wondering whether Warren Buffett has found some attractive investments after the market's record plunge.
Read more »
Warren Buffett: 'The progress of mankind has been incredible'Warren Buffett, chairman and CEO of Berkshire Hathaway, has been a consistent voice of optimism on the U.S. economy and American innovation.
Read more »
American Airlines And United Report Nearly $4 Billion In Combined LossesThese are the losses that airlines are reporting for the first quarter of 2020: 🛩 American: $2.2 billion 🛩 United: $1.7 billion 🛩 Delta: $534 million 🛩 Southwest: $94 million
Read more »