Buffett's Berkshire posts nearly US$50b loss as coronavirus causes pain

Warren Buffett's Berkshire Hathaway Inc is being hit hard by the coronavirus pandemic, posting a record quarterly net loss of nearly $50 billion.

NEW YORK: 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.

Berkshire said most of its more than 90 businesses are facing "relatively minor to severe" negative effects from COVID-19, the illness caused by the novel coronavirus and now punishing the global economy, with revenue slowing considerably in April even at businesses deemed "essential."