Warren Buffett’s Berkshire Hathaway reported a two-thirds decline in profits in the third quarter compared to the same period last year, while its cash pile hit a new record despite increased share buybacks.
The sprawling conglomerate said on Saturday that its net earnings fell to $10.34bn, or $6,882 per class A share, in the third quarter.
Berkshire’s operating income, which Buffett prefers as a measure of performance because it strips out swings in its stock portfolio, was up by 18 per cent from the year before to $6.5bn.
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