00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Berkshire Hathaway reported a 28% decline in third quarter net income to $22.11 billion
00:09as investment gains slumped and insurance profits fell, according to The Wall Street Journal.
00:15The conglomerate continued using its cash reserves to repurchase shares during the quarter
00:20after Warren Buffett stepped down as chairman. Operating earnings slipped 5.8% to $12.71
00:27billion, with lower insurance underwriting profits weighing on results.
00:32Berkshire's railroad, energy, manufacturing, service, and retailing businesses reported
00:37higher profits. The company repurchased around $9.6 billion of its own shares during the quarter.
00:44Its cash and treasury bill holdings fell 2.1% to nearly $357 billion, marking a second consecutive
00:53quarterly decline. Berkshire also purchased $2.4 billion in stocks and sold $2.8 billion.
01:01The results follow a leadership transition that saw Greg Abel succeed Warren Buffett as CEO
01:06in January and Howard Buffett become chairman in September.
01:10For all things money, visit Benzinga.com.
