Warren Buffet’s Berkshire Hathaway Makes $50b Loss In Q1
May 3, 2020
6:56 am
Warren Buffett’s Berkshire Hathaway Inc. reported a record $49.75 billion first-quarter net loss on Saturday at the annual general meeting.
The loss reflected huge unrealised losses on common stock holdings such as Bank of America Corp and Apple Inc during the market meltdown.
While quarterly operating profit rose 6%, several larger businesses including the BNSF railroad posted declines.
Berkshire said some of its more than 90 businesses are facing “severe” negative effects from COVID-19, the illness caused by the novel coronavirus.
Buffett also let Berkshire’s cash stake soar to $137.3 …
