Berkshire Hathaway boosts buybacks and reduces cash stake

Berkshire Hathaway reported higher-than-expected profits, with net income more than doubling to over $25 billion and operating profit rising 16%. The conglomerate began reducing its large cash reserves in the second quarter by repurchasing over $4.5 billion of its stock and investing heavily in stocks like Alphabet. Despite strong earnings, its Geico insurance unit experienced a 45% decline in pre-tax underwriting profit, while other divisions such as BNSF and Berkshire Hathaway Energy showed profit increases. The company noted ongoing macroeconomic and geopolitical uncertainties and indicated a cautious approach to capital allocation under new CEO Greg Abel.

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