Buffett's Berkshire posts loss as stocks fall, operating profit rises

Buffett's Berkshire posts loss as stocks fall, operating profit rises

Business

Buffett's Berkshire posts loss as stocks fall, operating profit rises

Follow on
Follow us on Google News

(Reuters) - Warren Buffett's Berkshire Hathaway Inc (BRKa.N) on Saturday posted its first overall quarterly loss in a year as the prices of stocks it owns fell, while improved results from insurance operations bolstered operating profit.

Berkshire said its third-quarter net loss was $12.77 billion, or $8,824 per Class A share, and compared with a $2.8 billion loss a year earlier.

Operating profit rose 41% to $10.76 billion, or $7,444 per Class A share, from $7.65 billion a year earlier.

Berkshire said it repurchased $1.1 billion of its stock in the quarter, and has bought back about $7 billion this year.