Urgent: Berkshire says operating profit rises, conducts stock buybacks
URGENT-Berkshire says operating profit rises, conducts stock buybacks Aug 8 (Reuters) - Berkshire Hathaway BRKa.N on Saturday reported a higher quarterly operating profit, benefiting from higher earnings in manufacturing, service and retail operations, while net income was bolstered by double-digit gains in common stock investments such as Apple AAPL.O and Alphabet GOOGL.O.
Second-quarter operating profit rose 16% to $12.98 billion from $11.16 billion a year earlier.
Net income more than doubled to $25.67 billion from $12.37 billion.
Berkshire also repurchased $4.5 billion of its own stock in the second quarter, accelerating repurchases it had begun in March following a nearly two-year hiatus.
(Reporting by Jonathan Stempel in New York; Editing by Sharon Singleton)
((jon.stempel@thomsonreuters.com ; +1 646 223 6317; Reuters Messaging: jon.stempel.thomsonreuters.com@reuters.net /))
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