Warren Buffett’s investment company Berkshire Hathaway ended the second quarter of 2022 with a loss due to falling asset values.

The company’s net loss in April-June amounted to $43.755 billion, or $29.754 thousand per class „A” share, compared with a net profit of $28.094 billion, or $18.488 thousand per share, a year earlier.

Berkshire’s investment loss was $66.919 billion last quarter, compared with $27.394 billion in revenue last year. In accordance with American accounting standards, this indicator takes into account the change in the value of the shares owned by the company and, therefore, is largely dependent on fluctuations in the stock market.

Operating profit, which Buffett calls more indicative of the company and which does not take into account gains/losses from investments and derivatives, increased by 39% and reached $9.283 billion from $6.686 billion a year earlier. Earnings per share rose 43% to $6,312 thousand.

Analysts polled by FactSet estimated it at $5,393 per share on average.

The division’s revenue, which combines the rail, energy and utilities businesses, increased 10.6% in the second quarter to $13.125 billion.