Pursuits
Berkshire Profit Falls as Buffett’s Derivatives Bets Decline
This article is for subscribers only.
Warren Buffett’s Berkshire Hathaway Inc. said second-quarter profit declined 40 percent as derivative bets on equity indexes by the billionaire chairman slid amid the retreat of global stocks.
Net income fell to $1.97 billion, or $1,195 a share, from $3.3 billion, or $2,123, in the same period a year earlier, the Omaha, Nebraska-based company said yesterday in a statement. Operating earnings, which exclude some investment results, were $1,866 per Class A share, beating the $1,456 average estimate of four analysts surveyed by Bloomberg.