Warren Buffett's Berkshire Hathaway rebounds from pandemic with $11.7 billion profit
CNN
Warren Buffett's Berkshire Hathaway returned to profitability in the first quarter of this year after reporting a nearly $50 billion loss during the first quarter of 2020 due to the Covid-19 pandemic.
Berkshire Hathaway (BRKB), a sprawling conglomerate that owns companies ranging from the Geico insurance giant and Burlington Northern Santa Fe railroad to well-known consumer brands like Dairy Queen, Benjamin Moore paints and Duracell batteries, posted a net profit of $11.7 billion and operating profit (the metric Buffett prefers to highlight) of $7 billion. Berkshire Hathaway said in a filing with the Securities and Exchange Commission Saturday that revenue for many of its manufacturing, services and retailing businesses "experienced significant recoveries in revenues and earnings" over the past few months as the economy has reopened.
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