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Archive for Sunday, August 8, 2010

Buffett’s company sees income drop

August 8, 2010

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— Warren Buffett’s company reported a 40 percent drop in second-quarter profit because paper derivative losses of $1.4 billion outweighed improvements at Berkshire Hathaway’s operating companies.

Berkshire reported $1.97 billion net income Friday, or $1,195 per Class A share. That’s down from $3.3 billion, or $2,123 per share, a year ago. Revenue grew 7 percent to $31.7 billion.

Analysts expected $1,360.44 profit per share, but those estimates exclude derivative and investment losses. On that basis, Berkshire reported $1,866 profit per share.

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