Berkshire Stock Update (BRKB) | Warren Buffett just reported Q1 earnings BRKB #shorts
Channel: Michael Smith
Date: 2022-05-03

Berkshire just reported their Q1 earnings, here’s a summary of exactly what happened.
Firstly the stock price was off 1.5% post the announcement.
Revenue for the quarter was in line at $70.8 billion and earnings beat expectations.
Operating income was down significantly mainly due to Berkshire's investments being down with the broader market having sold off in Q1 of this year, so no surprises there. 
A big blemish was insurance underwriting down 93% year on year. This can be attributed mainly to Geico's earnings going from $1 billion a year ago to a loss of $178 million. We see this as transitory as does the broader market.
Excluding insurance the rest of the business performed well over all making gains across the board.
And lastly, the usual share buyback is lower than usual at $3.2 billion as Buffett and Munger have gone on a spending spree snapping up new investments at a discounted rate!

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