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Buffett’s company reports 37 percent drop in 2Q earnings

FILE - In this May 4, 2015 file photo, Berkshire Hathaway Chairman and CEO Warren Buffett speaks during an interview with Liz Claman on the Fox Business Network in Omaha, Neb. Berkshire Hathaway reports quarterly financial results on Friday, Aug. 7, 2015. (AP Photo/Nati Harnik, File) FILE - In this May 4, 2015 file photo, Berkshire Hathaway Chairman and CEO Warren Buffett speaks during an interview with Liz Claman on the Fox Business Network in Omaha, Neb. Berkshire Hathaway reports quarterly financial results on Friday, Aug. 7, 2015. (AP Photo/Nati Harnik, File)

By Associated Press August 7, 2015 1 min read

OMAHA, Neb. (AP) – Warren Buffett’s Berkshire Hathaway reported a 37 percent drop in its second-quarter profit as the paper value of its investments fell and its insurance companies reported an underwriting loss.

Berkshire Hathaway’s net income fell to $4.01 billion, or $2,442 per Class A share. That’s down from last year’s $6.4 billion, or $3,889 per share. Those results were helped by a $1.1 billion paper gain on a stock exchange deal.

Revenue grew 3 percent to $51.4 billion.

The four analysts surveyed by FactSet expected Berkshire to report operating earnings per Class A share of $2,997.14. By that measure – which excludes investments and derivatives – Berkshire reported per share profit of $2,367, down from $2,634.