Berkshire buys back $9.6 billion in shares despite profit drop

Berkshire Hathaway said it repurchased $9.6 billion of its own shares in the third quarter and an additional $2 billion in October, accelerating buybacks under CEO Greg Abel. The company reported operating earnings fell 6% to $12.71 billion in the July-September period, while net income declined 28% to $22.11 billion, reflecting weaker insurance results and reduced gains on stock investments. Berkshire’s cash and equivalents totaled $356.9 billion at Sept. 30, down from $380.2 billion six months earlier. Operating profit compared with $13.49 billion a year earlier. Despite the profit drop, shares reached record highs during the week as markets worried about AI investment spending and debt-funded technology outlays.