Warren Buffett’s Berkshire Hathaway Inc. reported lower third quarter profits after unrealized investment gains declined. Operating earnings, which exclude some investment results, rose to $6.47 billion from $5.5 billion a year ago. An accounting rule change in recent years has meant that Berkshire’s earnings often reflect the larger performance of the stock market, while operating earnings more accurately reflect the firm’s vast business operations. Insurance investment income rose to $1.16 billion from $1.02 billion. The company remained an active buyer of its own stock during the third quarter, spending about $7.6 billion on share repurchases.

Source: Wall Street Journal November 06, 2021 16:07 UTC