Omaha: Warren Buffett's Berkshire Hathaway on Saturday reported a decline in operating profit for the first quarter, impacted by insurance losses from wildfires and fluctuations in foreign currency. Despite these challenges, the conglomerate's cash reserves reached a record high of $347.7 billion.
According to Radio Television Brunei, the Omaha, Nebraska-based company experienced a 14% decrease in operating profit, which fell to $9.64 billion, translating to approximately $6,703 per Class A share. This marks a significant reduction from the $11.22 billion recorded in the same period the previous year. The report highlights how the dual impact of environmental and economic factors contributed to the financial downturn, even as the company's cash holdings continue to grow.