The conglomerate lost money on its stock investments and from insurance underwriting. Operating profit rose 20% from a year earlier, helped by foreign-currency gains and improvement in several businesses.
Shareholders shop for discounted products at the annual Berkshire Hathaway shareholder meeting in Omaha, Nebraska, U.S., May 4, 2019. REUTERS/Scott Morgan/File Photoon Saturday posted a third-quarter loss, as the conglomerate run by billionaire Warren Buffett said it lost money on its stock investments and from insurance underwriting.
The net loss of $2.69 billion, or $1,832 per Class A share, compared with a profit of $10.34 billion, or $6,882 per share, a year earlier. Operating profit rose 20% to $7.76 billion, or about $5,294 per Class A share, from $6.47 billion, or about $4,331 per share, a year earlier, helped by foreign currency gains and improvement in several businesses.
Berkshire also repurchased $1.05 billion of its own stock in the quarter, and has repurchased $5.25 billion this year.
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