Berkshire Hathaway Doubles Share Buybacks to $9.6 Billion Amid Declining Third Quarter Earnings
Berkshire Hathaway significantly accelerated its share repurchase program in the third quarter, spending $9.6 billion on buybacks—more than double the $4.5 billion spent in the previous quarter. This aggressive capital return comes as the conglomerate faced a decline in operating earnings, which fell 5.8% year-over-year to $12.705 billion, primarily driven by a sharp contraction in insurance underwriting and investment income. Despite the drop in overall net earnings, which fell 28% due to a nearly 50% decline in investment gains, Berkshire's stock has shown resilience. The company's shares have outperformed the S&P 500 recently as investors rotate out of technology stocks. Additionally, Berkshire continued to build its cash reserves, reaching a total of $377.435 billion by the end of the quarter.
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Topics: earnings report insurance underwriting investment income share buybacks
Part of the story Analysis of Berkshire Hathaway Holdings Chubb and American Express Following Record Third-Quarter Earnings (7 articles)