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Berkshire’s earnings down 9 percent from year ago

FILE - In this May 5, 2014 file photo, Berkshire Hathaway Chairman and CEO Warren Buffett gestures during an interview with Liz Claman on the Fox Business Network in Omaha, Neb. Berkshire Hathaway reports quarterly financial results on Friday, Nov. 7, 2014. (AP Photo/Nati Harnik, File) FILE - In this May 5, 2014 file photo, Berkshire Hathaway Chairman and CEO Warren Buffett gestures during an interview with Liz Claman on the Fox Business Network in Omaha, Neb. Berkshire Hathaway reports quarterly financial results on Friday, Nov. 7, 2014. (AP Photo/Nati Harnik, File)

By Associated Press November 7, 2014 1 min read

OMAHA, Neb. (AP) – Warren Buffett’s Berkshire Hathaway reported a 9 percent drop in third-quarter profit versus the same period a year ago, when the company had large investment gains.

Berkshire said Friday it earned $4.62 billion, or $2,811 per Class A share. That’s down from $5.05 billion, or $3,074 per share, last year.

Revenue grew 10 percent to $51.2 billion.

Berkshire wrote down the value of its investment in British retailer Tesco by $678 million. Buffett told CNBC in an interview last month that the Tesco investment was a mistake. Berkshire has begun selling some of the shares.

Last year the company had $1.2 billion in investment gains related to deals made during the financial crisis.

The four analysts surveyed by FactSet expected Berkshire to report earnings per share of $2,560.29.