Pretty much just an accounting trick. From their prepared statement:
> During Q2, we recognized a $386 million unrealized pre-tax gain related to the
revaluation of our equity investments. Our GAAP net income may continue to see swings from
quarter-to-quarter due to the large size of equity stakes on our balance sheet
Take out the swing in equity valuation and their net income for the quarter was <$10 million.
> During Q2, we recognized a $386 million unrealized pre-tax gain related to the revaluation of our equity investments. Our GAAP net income may continue to see swings from quarter-to-quarter due to the large size of equity stakes on our balance sheet
Take out the swing in equity valuation and their net income for the quarter was <$10 million.