Warren Buffett’s Berkshire Hathaway Inc. said net earnings fell after paper gains from the conglomerate’s vast portfolio of stock investments declined from a year earlier.
Berkshire’s third-quarter net earnings fell 66% to $10.34 billion, or $6,882 per Class A share equivalent, from $30.14 billion, or $18,994 a share, in the same period a year earlier. Investment gains totaled $3.88 billion in the most-recent period; a year ago, Berkshire reported gains of $24.77 billion.
