OMAHA, Nebraska: Berkshire Hathaway's cash pile shrank during the second quarter after new Chief Executive Greg Abel deployed billions of dollars into investments, including a $10 billion stake in Google parent Alphabet, while significantly increasing share buybacks.

The conglomerate reported that its cash holdings fell to $365.5 billion at the end of June from nearly $400 billion three months earlier.

The quarterly report indicated Berkshire added more than $21 billion worth of commercial, industrial and other stocks to its investment portfolio, though the company did not disclose the names of those investments. Those details are expected in a separate regulatory filing later this month.

Abel took over as CEO in January following Warren Buffett's retirement after six decades leading Berkshire, though Buffett remains chairman.

Berkshire also repurchased about $4.5 billion of its own shares during the quarter, a sharp increase after buying back only about $234 million worth of stock in the first quarter. Most of the repurchases were made in June.

CFRA Research analyst Cathy Seifert said investors should be encouraged by the pace of the buybacks, although she expressed concern about Geico's performance after the insurer's underwriting profit fell 45% and trailed other major auto insurers.

"I think there are two key takeaways that should encourage investors: The fact that they bought back shares after not having done things of this magnitude for several years now. And the other positive thing is the ability to produce the 10% operating revenue growth in the quarter," Seifert said.

The company has previously said it repurchases shares only when Abel and Buffett believe they are trading below intrinsic value rather than targeting a fixed dollar amount. Berkshire bought back about $78 billion of its stock between 2018 and 2024.

The Omaha-based conglomerate also completed its $6.8 billion acquisition of homebuilder Taylor Morrison in July, although that transaction closed after the second quarter and is not reflected in the latest results.

Net profit more than doubled to $25.67 billion, or $17,868.44 per Class A share, largely because of a significant paper gain on its investment portfolio and the absence of last year's $3.8 billion writedown on its Kraft Foods stake.

Operating earnings, which Buffett has long said provide a better measure of Berkshire's underlying businesses because they exclude investment gains and losses, rose to $12.98 billion, up from $11.16 billion a year earlier.

Berkshire owns businesses including insurer Geico, BNSF Railway, major utility operations, Precision Castparts and See's Candy.