Buffett's Berkshire Hathaway lost nearly 180 billion yuan in the third quarter, mainly because of Apple.
CTOnews.com November 5 news, yesterday, "God of shares" Buffett's Berkshire Hathaway ("Berkshire") disclosed its financial report for the third quarter of 2023, the results show that Berkshire achieved revenue of $93.21 billion in the third quarter of this year, and the market is expected to be $89.182 billion, an increase of 21.2% from $76.9 billion in the same period last year. The company reported a quarterly loss of $12.767 billion in net profit, compared with a loss of $2.798 billion in the same period last year. However, in the first three quarters, the company still made a profit of $58.649 billion, much better than a loss of $40.8 billion in the same period last year.
Berkshire lost $24.1 billion on investment income in the third quarter (CTOnews.com Note: currently about 176.171 billion yuan), but made a cumulative profit of $23.5 billion in the first three quarters, according to the report. A major factor in Berkshire's third-quarter net profit loss was apple, which accounted for the bulk of its stock portfolio, and the tech giant's share price fell 11.61% in the third quarter as a whole.
About 78 per cent of Berkshire's total fair value is concentrated in five companies: Apple $156.8 billion, Bank of America $28.3 billion, American Express $22.6 billion, Coca-Cola $22.4 billion and Chevron $18.6 billion.
Berkshire's cash holdings reached an all-time high of $157.24 billion (1.148 trillion yuan) at the end of the third quarter.
CTOnews.com noted that Berkshire Hathaway recently reduced its stake in BYD's H shares from 8.05 per cent to 7.98 per cent, according to HKEx filings. Since its first sale in August 2022, Berkshire Hathaway has sold more than 138 million BYD H shares, a reduction of more than 60%.
