Berkshire Hathaway reported first-quarter earnings for 2023 on Saturday, local time. The company reported revenue of $85.393 billion for the quarter, up 20.54% from $70.843 billion in the same quarter last year, and net income attributable to shareholders of the company was $35.504 billion, up 54% from $5.580 billion in the same quarter last year.
Berkshire’s cash reserves increased by $2 billion to $130.6 billion in the first quarter of 2023, up from $128 billion in the fourth quarter of 2022.
During the quarter, the company repurchased $4.4 billion worth of stock, the most since the first quarter of 2021 and up from $2.8 billion at the end of last year.
The company held its annual meeting of shareholders following the announcement of its first quarter 2023 results. At the meeting, the company’s Chairman Warren Buffett and Vice Chairman Charlie Munger shared their financial insights and life lessons.
Asked about Microsoft’s acquisition of Activision Blizzard, Warren Buffett said, “I think they’ve done an excellent job.” Currently, Microsoft’s acquisition of the Activision Blizzard deal has been bottlenecked due to opposition from the UK CMA. However, Microsoft plans to hire professional lawyers to try to overturn the CMA’s ruling.
