Berkshire Profit Slips on Buffett’s Tesco ‘Mistake’
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Warren Buffett’s Berkshire Hathaway Inc. said third-quarter profit slipped 8.6 percent on investment results, including an impairment on a holding of U.K. retailer Tesco Plc.
Net income fell to $4.62 billion, or $2,811 a share, from $5.05 billion, or $3,074, a year earlier, the Omaha, Nebraska-based company said yesterday in a statement. Operating earnings, which exclude some investment results, were $2,876 a share, beating the $2,593 average estimate of three analysts surveyed by Bloomberg.