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Berkshire's earnings down 9 percent from year ago

Berkshire Hathaway's profit falls 9 percent from a year ago, when it had big investment gains

Berkshire's earnings down 9 percent from year ago

OMAHA, Neb. (AP) -- Warren Buffett's Berkshire Hathaway reported a 9 percent drop in third-quarter profit versus the same period a year ago, when the company had large investment gains.

Berkshire said Friday it earned $4.62 billion, or $2,811 per Class A share. That's down from $5.05 billion, or $3,074 per share, last year.

Revenue grew 10 percent to $51.2 billion.

Berkshire wrote down the value of its investment in British retailer Tesco by $678 million. Buffett told CNBC in an interview last month that the Tesco investment was a mistake. Berkshire has begun selling some of the shares.

Last year the company had $1.2 billion in investment gains related to deals made during the financial crisis.

The four analysts surveyed by FactSet expected Berkshire to report earnings per share of $2,560.29.

Updated : 2021-10-24 19:54 GMT+08:00