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.

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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.

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Warren Buffet - Image: Newscome

However, Buffet also warned in the same letter that the economy in 2009 will remain in “shambles” and said it could remain that way for “well beyond”.

Buffet has been chairman and CEO of Berkshire Hathaway for nearly 45 years and his company has just seen the most difficult year in its history. In 2008, the book value of Berkshire Hathaway dropped approximately 9.5%. The only other time in the company’s history that it failed to grow from one year to the next was in 2001 following the attacks of 9/11.

Currently, Berkshire Hathaway’s stock is at $78,600. Although it’s still the most valuable stock in the United States, it lost approximately one-third of its value in 2008. Compared to its peak value of over $150,000 in 2007, Berkshire Hathaway’s stock has almost lost half of its value.

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