The strong recovery in the stock market — and a surge in the value of Apple’s stock, in particular — drove a rebound in profits for Warren E. Buffett’s Berkshire Hathaway in the second quarter. Berkshire on Saturday said it earned $26.4 billion in the second quarter, a turnaround from a $49.7 billion loss in the first quarter, when a plunge in the stock market, prompted by the coronavirus outbreak, caused huge paper losses in Mr. Buffett’s giant stock portfolio. In the second quarter of last year, Berkshire earned $14.2 billion. The weak economy, caused by the pandemic and business interruptions, weighed on many of the companies that the conglomerate owns. Berkshire warned that the pandemic could lead to changes in the economy that could hurt its operations.

Source: New York Times August 08, 2020 13:37 UTC