Buffett's Berkshire reported a quarterly profit of nearly $ 12 billion

US billionaire Warren Buffett's Berkshire Hathaway conglomerate returned to profit in the first quarter. This was due to the significant growth of stock markets, which fell at the beginning of last year due to the onset of a new coronavirus pandemic. Berkshire Hathaway announced earlier this week that it had net income of $ 11.71 billion (€ 9.69 billion) in the first quarter, or $ 7638 per Class A share. By comparison, in the same period last year, the company recorded a loss of $ 49.75 billion ($ 30,653 / Class A share). Operating profit (excluding investments) was $ 7.02 billion, compared to $ 5.87 billion a year ago. Revenue rose from $ 61.27 billion in the first quarter of last year to $ 64.60 billion. At the same time, the company continued the process of repurchasing shares. It bought them for $ 6.6 billion in the first quarter of this year. At a press conference, Buffett pointed to a faster-than-expected economic recovery when presenting the results. He said the economy "has been helped to revive central bank activity and government fiscal stimulus in an extremely effective way." At the same time, however, he criticized the emergence of so-called SPAC companies (Special Purpose Acquisition Companies), which specialize in acquisitions, as well as inexperienced investors seeking quick profits. As he said, "their arrival creates a casino-like situation" and makes it difficult for Berkshire to use the funds for acquisitions. He added that SPAC in particular made Berkshire Hathaway more expensive to buy businesses. Since 2016, the conglomerate has not made any major acquisitions.