Reported 28 days ago
Warren Buffett's Berkshire Hathaway reported a substantial decline in profits for the second quarter, earning $12.37 billion, significantly down from $30.25 billion last year, primarily due to a $3.76 billion writedown on its Kraft Heinz investment. The company, which owns over 27% of Kraft Heinz, faced challenges from changing consumer preferences and announced its intention to explore restructuring options. Despite profit fluctuations, Berkshire's operating earnings remained relatively stable at $11.16 billion, while Buffett prepares to transition leadership to Vice Chairman Greg Abel.
Source: YAHOO