Warren Buffett's company, Berkshire Hathaway's corporate report for the 2nd quarter (Q2) of 2022 looked quite good despite the slow growth, but this does not mean that the company is immune to the overall market turmoil.
The conglomerate posted $9.283 billion in operating income, including profits from various businesses including insurance, railroads and utilities.
The Q2 results indirectly marked an increase of 38.8% compared to the same period last year.
Even so, investment for the quarter posted a sizable loss at $53 billion.
In an official statement from the company, Buffett was seen trying to calm investors' concerns by saying the matter did not reflect the overall situation.
His comment is that investment volatility in any given quarter is meaningless and net income per share can be confusing to investors with little or no knowledge of accounting.
The report details that Berkshire spent nearly $1 billion in share repurchases in Q2 bringing its 6-month total to $4.2 billion.
Still, looking at the company's history it's a slower pace of repurchases than in Q1 where Berkshire bought back $3.2 billion of its own stock.
In general, the market is now entering a bearish phase after the Federal Reserve (Fed) acted to implement an aggressive rate increase to control inflationary pressure.
Several major indices were seen to record losses of over 16% on a quarterly basis while the broad market index declined 20.6% in the first half of 2022, the lowest performance since 1970.
The streak, Berkshire's class A shares also did not forget about the situation as it recorded a fall of more than 22% in Q2 and is further away from its all-time high on March 28.
