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Posted: 4:37 PM May 8, 2009
Berkshire Reports $1.5 Billion Loss
First quarter earnings are released Warren Buffett's company, Berkshire Hathaway, reported a $1.5 billion first-quarter loss. Last year, the company had a roughly $900 million profit.
Reporter: Associated Press Email Address: sixonline@wowt.com |
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Warren Buffett's company, Berkshire Hathaway, reported a $1.5 billion first-quarter loss. Last year, the company had a roughly $900 million profit.
The company said it recorded a loss of $990 per share this year's quarter, compared to last year, where it reported a $607 net income per Class A share.
Buffett already acknowledged making a major mistake by buying a large amount of ConocoPhillips stock when oil and gas prices were near their peak last year.
Berkshire says it sold 13.7 million of its 79.9 million shares of ConocoPhillips during the first quarter to generate a loss that can offset past capital gains taxes.
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