- 25/06/2020 11:13 AM
- 27/03/2020 1:44 PM
- 03/01/2021 3:55 PM
Washington, United States | Hard-hit by the market rout surrounding the coronavirus pandemic, Berkshire Hathaway, the holding company of Warren Buffett, has reported first-quarter net losses of nearly $50 billion, it reported Saturday.
The celebrated billionaire, considered one of the world's savviest investors, said a better measure of the company's performance was its operating earnings, which exclude investments and are less subject to sharp fluctuations.
By that measure, Berkshire Hathaway saw growth to $5.9 billion from $5.55 billion a year earlier.
The brutal drop in the net -- to a loss of $49.75 billion from a profit last year of $21.7 billion -- resulted primarily from the drop in value of its wide-ranging portfolio of investments amid fears over the economic impact of the global pandemic.
A year earlier, the conglomerate reported profits of $15.5 billion.
Buffett had predicted that a 2018 accounting rule would create "wild and capricious swings" in the company's reported profits or losses.
© Agence France-Presse