Berkshire Hathaway Inc. Chief Executive Officer Warren Buffet has tapered down his buybacks in the second quarter, the company announced in its earnings report.
- Buffet repurchased $6 billion of stock during the second quarter, the lowest since mid-2020. This made the billionaire a net seller of other stocks for the third straight quarter.
- Buffet has over $144 billion at his disposal but did not give any hints on how he is planning to spend this. He has yet to make public any succession plans after indicating Greg Abel as the lead candidate as next chief executive in May.
- Berkshire disposed of $1.1 billion of other stocks in the second quarter, the lowest net sales in the last three quarters. The company reported declines in its commercial, industrial, and other stocks during the period.
Berkshire reported a 21% climb in its profit for the quarter to $6.7 billion, driven by the growth in its manufacturing, services, and retailing businesses.
BRK.A is up 2.10%.