According to Warren Buffett’s Berkshire Hathaway Inc.’s NYSE:BRK third-quarter earnings report, the company’s cash stockpile hit new heights at $149.2 billion, surpassing the previous record of $146.6 billion set in 2Q 2020.
Buffett’s conglomerate, which holds stakes in Apple Inc. (AAPL), Coca-Cola Co. (KO), and other public companies, has spent $1.4 billion on stocks and sold $3.4 billion worth in the period. By comparison, the company bought about $1 billion worth and sold $2.1 billion of stock in the second quarter.
Berkshire has spent $7.6 billion on share repurchases in the third quarter after slowing its rate of buybacks from $6.6 billion in the first quarter to $6 billion in the second quarter.
So far, the company has repurchased just over $20 billion of its stock in 2021.
Berkshire’s revenue climbed 12 percent to about $71 billion, as many businesses rebounded from the pandemic, while its net income slumped by almost two-thirds to below $11 billion.
The losses from Berkshire’s insurance underwriting business widened to $784 million during the third quarter, compared to $213 million a year ago.
