Warren Buffett's company reported an 11% decline in third-quarter profits because of a smaller increase in the paper value of its investments.
Berkshire Hathaway said Saturday it made $16.52 billion, or $10,119 per Class A share, in the quarter. That's down from $18.54 billion, or $11,280 per Class A share, a year ago.
Buffett has long said Berkshire's operating earnings offer a better view of quarterly performance because they exclude investments and derivatives, which can vary. By that measure, Berkshire's operating earnings improved to $7.86 billion, or $4,812 per Class A share, from $6.88 billion, or $4,186.05 per Class A share.
Analysts surveyed by FactSet expected operating earnings per share of $4,299.20 on average.
Berkshire's revenue improved 2% to $64.97 billion.
Berkshire Hathaway Inc. owns more than 90 companies.