(Reuters) – Warren Buffett’s Berkshire Hathaway Inc is being hit hard by the coronavirus pandemic, posting a record quarterly net loss of nearly $50 billion on Saturday and saying performance is suffering in several major operating businesses.
FILE PHOTO: Warren Buffett, CEO of Berkshire Hathaway Inc, pauses while playing bridge as part of the company annual meeting weekend in Omaha, Nebraska U.S. May 6, 2018. REUTERS/Rick Wilking/File Photo
Berkshire said most of its more than 90 businesses have faced “relatively minor to severe” negative effects from COVID-19, the illness caused by the novel coronavirus, with revenue slowing considerably in April even at businesses deemed “essential.”
The BNSF railroad saw shipping volumes fall, Geico set aside money for car insurance premiums it doesn’t expect to collect, and some businesses cut wages and furloughed workers. Retailers such as See’s Candies and the Nebraska Furniture Mart closed stores.
Buffett also allowed…
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