Berkshire Hathaway Inc (NYSE: BRK-B) reported its Q1 2024 results, illustrating significant challenges as revenues and net income decreased markedly compared to both the previous quarter and the same quarter last year. The company generated revenues of $91.7 billion, demonstrating a 23.64% year-over-year decline and down 29.53% from Q4 2023. The net income dropped to $12.7 billion from $35.5 billion a year prior, reflecting a substantial 64.22% decrease. This volatility is attributed to various factors impacting the insurance and investment portfolios, as well as challenging macroeconomic conditions.
Despite the decline in profitability, Berkshire maintained a robust balance sheet with total assets of approximately $1.07 trillion and stockholders' equity totaling $571.49 billion, indicating stability and a capacity to weather short-term pressures. Management emphasized that the long-term strategy remains intact, focusing on value acquisitions and sustained growth in their diverse business segments.