Berkshire Hathaway’s operating income for the fourth quarter of 2022 was $6.709 billion. Warren Buffett’s investment company fared worse than in the same period last year, when Berkshire books still had operating income of $7.285 billion.
For the full year, Berkshire Hathaway reported revenues of $302.089 billion. In fiscal year 2021, these had amounted to US$ 276.094 billion. Operating income increased to $30.793 billion from $27.455 billion, an increase of more than 12 percent.
Buffett’s stock buybacks in focus
In the fourth quarter of 2022, the Oracle of Omaha spent $2.855 billion on share buybacks, down from the prior-year period ($6.9 billion). Berkshire Hathaway’s much-publicized cash holdings were $128.651 billion at the end of the year. At the end of September they were still at 109 billion US dollars. In the recent past, Warren Buffett and his Berkshire Vice Charlie Munger have repeatedly justified the high cash reserves by saying that there is simply nothing they can buy at the moment.
Buffett’s letter to Berkshire shareholders
In his much-noticed letter to shareholders, the doyen once again made it clear that he wanted to remain true to his investment strategy: “As far as the future is concerned, Berkshire will always hold a boatload of cash and US Treasury bills alongside a wide range of companies,” said the 92-year-old .
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