Berkshire Hathaway posted a second quarter earnings increase of 87 percent on Saturday after Warren Buffett’s holding company saw earnings jump based on paper gains due to investments.
With a write-down of over $10bn during the quarter and operating profits falling by 10 percent – one could reasonably presume it was a bad quarter for Buffett’s holding company that owns a diverse range of businesses including Duracell.
However, a rebound in the value of stock market investments appear to have come to the rescue during the second quarter.
Posting $40bn in investment gains for the second quarter – earnings for Berkshire soared as the value of the likes of Apple reached new highs.
This contributed to an 87 percent increase in profit as Berkshire posted earnings of $26.3bn for the quarter compared to $14.1bn during the same quarter last year.