Warren Buffett’s Berkshire swings to massive $50 billion net loss

(Source: Reuters, May 2, 2020)

OMAHA, Neb. — Warren Buffett’s Berkshire Hathaway 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. Berkshire’s first-quarter net loss totaled $49.75 billion, or $30,653 per Class A share, reflecting $54.52 billion of losses from investments, mainly common stocks. A year earlier, net earnings totaled $21.66 billion, or $13,209 per share.

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Monday, May 4, 2020