©Reuters. FILE PHOTO: Berkshire Hathaway Chairman Warren Buffett walks through the exhibit hall as shareholders gather to listen to the billionaire investor at Berkshire Hathaway Inc’s annual shareholder meeting in Omaha, Nebraska, U.S., May 4, 2019. REUTERS /Scott
(Reuters) – Warren Buffett’s Berkshire Hathaway (NYSE:) Inc posted its second consecutive record annual profit on Saturday, boosted by gains from its investments in common stocks and rising interest rates that helped its insurance business to generate more revenue.
Fourth-quarter operating profit increased 28% to $8.48 billion, or approximately $5,884 per Class A share, from $6.63 billion a year earlier.
Net income for the quarter more than doubled to $37.57 billion, or $26,043 per Class A share, compared to $18.08 billion a year earlier.
Buffett believes the net results are misleading because they include gains and losses on investments that Berkshire did not sell.
For all of 2023, Berkshire reported net income of $96.2 billion, surpassing the old record of $89.9 billion set in 2021. Berkshire lost $22.8 billion in 2022, when the stock market It fell apart.