Profit Up 87% at Buffett’s Firm, But Virus Slows Businesses

Warren Buffett’s company reported an 87% jump in its second-quarter profit as the value of its investment portfolio increased with the stock market. But it took a $10 billion write down on the value of its aircraft parts manufacturing business because of the economic impact of the coronavirus pandemic.

Berkshire Hathaway cut the value of its Precision Castparts unit because of how much the virus has hurt air travel and businesses that support that airline industry. The ongoing pandemic hurt most of Berkshire’s businesses, but the results still topped Wall Street expectations. Berkshire held nearly $147 billion cash at the end of the quarter.

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