Berkshire Hathaway's operating profits declined by 4% in Q2 to $11.2 billion, impacted by foreign exchange losses and a $3.8 billion write-down of its Kraft Heinz stake, which is now valued at $8.4 billion. Despite the profit dip, core business segments like railroads and utilities showed growth, and Berkshire maintained a large cash reserve of $344 billion. The company did not repurchase shares in the quarter, and its overall earnings fell nearly 60% due to lower investment gains, though underlying operating profits suggest strength in the business.
Some Michigan hospitals and health systems posted increases in operating profits and overall net assets during the pandemic, with a large portion of those profits coming from COVID-19 relief programs established by the federal government. The Coronavirus Aid, Relief, and Economic Security Act, Paycheck Protection Program, and Coronavirus Response and Relief Supplemental Appropriations Act provided a total of $178 billion to hospitals and healthcare providers across the U.S. on the front lines of the COVID-19 response. Michigan providers received a total of more than $4 billion from those programs.
Apple and Samsung accounted for 96% of global smartphone operating profit in Q1 2023, with Apple taking over 80% of the profit. Samsung had a 22% market share, while Apple had 21%. Xiaomi, Oppo, and Vivo were the other companies in the top five, but they struggled to find a piece of the pie. Apple's operating profit was 72% higher than Samsung's, showing how the company holds the market in a chokehold. Despite Xiaomi's impressive devices, Apple and Samsung continue to dominate the market.
