Berkshire’s earnings fall 9%
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Reporting from omaha, neb. — Warren Buffett’s Berkshire Hathaway reported a 9% drop in third-quarter profit versus the same period a year ago, when the company had large investment gains.
Berkshire said Friday that 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% 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.
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