Berkshire Hathaway's earnings picked up sharply in the second quarter, reversing a first-quarter loss as the company rode a wave of gains in its vast stock portfolio.

The Omaha, Nebraska, conglomerate run by Warren Buffett posted net income of $3.3bn (€2.3bn), or $2,123 per Class A share in the quarter, compared with $2.9bn, or $1,859 per share a year earlier and rebounding from a $1.5bn first-quarter loss.