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Warren Buffett's Berkshire Hathaway posts lower profits, reveals $25 billion in stock buybacks last year

Warren Buffett's Berkshire Hathaway posts lower profits, reveals $25 billion in stock buybacks last year

Warren Buffett.
Alex Wong / Getty Images



Warren Buffett's Berkshire Hathaway posted a 9% drop in operating earnings in 2020.



The billionaire investor's company took a $10 billion writedown on Precision Castparts.



Berkshire repurchased about $25 billion of its stock last year.



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Warren Buffett's Berkshire Hathaway suffered a 9% decline in operating earnings last year as the COVID-19 pandemic caused widescale disruption to its business, its fourth-quarter earnings revealed on Saturday.The famed investor's conglomerate owns scores of businesses including Geico, See's Candies, and the Burlington Northern railroad. It also holds multibillion-dollar stakes in public companies such as Apple, Bank of America, and Coca-Cola.Berkshire's revenues only slid 4% last year, but its investment gains slumped by more than 40%, slashing its net earnings to about $43 billion.The company generated slimmer profits from its insurance division's investments, its railroads, and its manufacturing, service, and retail businesses. However, it earned more income from utilities and energy, as well as insurance underwriting.
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