Berkshire Hathaway’s Earnings Tumble 42%
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Berkshire Hathaway Inc., the Nebraska investment holding company controlled by billionaire Warren E. Buffett, said second-quarter profit fell 42% from a year ago.
Berkshire earned $1.28 billion, or $834 per Class A share, down from $2.23 billion, or $1,452 a share, last year. The year-ago figures included $905 million in investment gains, while the current quarter included $172 million in investment losses.
Excluding those items, earnings rose 10% to $1.45 billion, or $946 per Class A share, from $1.32 billion, or $862, a year earlier. Revenue jumped 25% to $18 billion from $14.4 billion.
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