Warren Buffett's Berkshire Hathaway grew profits by 86% last quarter as its stock portfolio soared in value

Mario Anzuoni/Reuters

• Warren Buffett's Berkshire Hathaway suffered an 11% drop in revenue in the second quarter, but almost $30 billion in year-on-year investment gains meant its net income surged 86% to $26.3 billion.
• The famed investor's conglomerate sold nearly $13 billion in stock last quarter, including the "big four" airline stocks in April.
• Berkshire also repurchased more than $5 billion of its stock as expected.
• However, its cash pile still ballooned by about $10 billion to $147 billion.
• Visit Business Insider's homepage for more stories.

  ---

Warren Buffett's Berkshire Hathaway reported a surge in profits in the second quarter as the soaring value of its stock portfolio offset weakness across much of its business due to the coronavirus pandemic.

The famed investor's conglomerate also sold more than just the "big four" airline stocks last quarter, and added about $10 billion to its enormous cash pile.See the rest of the story at Business Insider

NOW WATCH: How waste is dealt with on the world's largest cruise ship

See Also:

• 'The most extreme valuations in history': A notorious market bear says investors should brace for record-low negative returns over the next 12 years — and warns that today's exuberance implies a 66% plunge
• Tom Marsico's global fund has crushed its benchmark for 13 years — and returned 28 times its peers in 2020. Here's what he's been buying, and the beaten-down stocks he plans to grab after the pandemic.
• Harding Loevner's global stock fund has trounced the market for over 30 years. Here's an inside look at the simple 4-part stock-picking criteria that helped the firm balloon to $72 billion.