Warren Buffett’s Berkshire Hathaway reports near-$50bn loss as value of investments drops – The National

Warren Buffett’s Berkshire Hathaway reports near-$50bn loss as value of investments drops – The National

Warren Buffett's company reported a nearly $50 billion (Dh183.6bn) loss on Saturday because of a huge drop in the paper value of its investments, though the company is still sitting on a huge pile of cash.. The year before, Berkshire's investments added $15.5bn to the company's profits.. Mr Buffett has long said Berkshire's operating earnings offer a better view of quarterly performance because they exclude investments and derivatives, which can vary widely.. By the measure, Berkshire's operating earnings improved to $5.87bn, or $3,617.62 per Class A share, from $5.56bn, or $3,387.56 per Class A share.. Analysts surveyed by FactSet expected operating earnings per Class A share of $3,796.90 on average.. The company's revenue grew 1 percent to $61.27bn.. Berkshire Hathaway is sitting on a pile of more than $137bn of cash because Mr Buffett has struggled to find major acquisitions at suitable valuations recently.. The company shifted to an online meeting and cancelled all of the events surrounding the event because of the coronavirus outbreak.. Berkshire Hathaway owns more than 90 companies, including the BNSF railroad and insurance, utility, furniture and jewellery businesses..