February 25, 2023

Buffett's Berkshire profit falls on investments, currencies

(Reuters) – Warren Buffett’s Berkshire Hathaway Inc on Saturday said fourth-quarter profit fell, reflecting lower gains from investments and foreign currency exchange losses as the U.S. dollar lost value.

FILE PHOTO: FILE PHOTO: Warren Buffett, CEO of Berkshire Hathaway Inc, pauses while playing bridge as part of the company annual meeting weekend in Omaha

© Thomson Reuters
FILE PHOTO: FILE PHOTO: Warren Buffett, CEO of Berkshire Hathaway Inc, pauses while playing bridge as part of the company annual meeting weekend in Omaha

Berkshire also repurchased $2.6 billion of its own stock in the quarter, boosting full-year buybacks to $7.9 billion.

Quarterly net income fell 54% to $18.16 billion, or $12,412 per Class A share, from $39.65 billion, or $26,690 per share, a year earlier.

Operating profit fell 8% to $6.71 billion, or $4,596 per Class A share, from $7.29 billion.

(Reporting by Jonathan Stempel in New York; Editing by Mark Potter)

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