Berkshire Hathaway Sees Improvement
August 7, 2009 by Mark Ellis
Filed under Business
Berkshire Hathaway, the company of billionaire Warren Buffet, saw improvement in profit in their second quarter report. Considering that the company has experienced unprecedented struggles, some industry experts were surprised by the news.
In the second quarter of 2008, Berkshire Hathaway had a net income of $2.88 billion. This year, the second quarter report showed a net income of $3.3 billion — an improvement of more than $400 billion.
Image: Zuma Press
Revenue, on the other hand, wasn’t as glowing. Last year, the second quarter generated approximately $30.1 billion in revenue.
In 2009, the revenue was down to $29.6 in the second quarter. The dip in revenue proves that the company still has a long way to go before they reach their former status.
Based in Omaha, Nebraska, Berkshire Hathaway owns business in a number of industries including electricity, gas, manufacturing, insurance and retail. Buffet, who is estimated to have a net worth of more than $50 billion, is the company’s chairman, largest shareholder and CEO.
