DWarren Buffett’s investment company Berkshire Hathaway made a profit of $35.5 billion in the first quarter. This reflects gains from stocks like Apple, higher other investment returns and a recovery in auto insurer Geico, the company said on Saturday. Berkshire also accelerated its share repurchase program, acquiring $4.4 billion in shares. At the same time, investments in other companies such as Chevron have been reduced.
Net income increased to $35.5 billion from $5.58 billion in the same period last year. That’s more than a fivefold increase. This also reflects the 27 percent increase in Apple’s share price. Operating profit increased 13 percent to $8.07 billion.
Buffett, 92, has run Berkshire since 1965 and transformed the company from a struggling textile company into a conglomerate with dozens of companies, including BNSF railroad, Berkshire Hathaway Energy, and manufacturing and retail units including See’s Candies and Dairy Queen ice cream.
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