Berkshire Hathaway Q1 Profit Declines

(RTTNews) - Billionaire Warren Buffett's Berkshire Hathaway Inc. (BRK.A, BRK.B) Friday said its first-quarter profit dropped 27 percent hurt by a drop in investment gains. However, the company's revenue rose from last year.

Omaha, Nebraska-based Berkshire's first-quarter profit declined to $4.06 billion or $2,469 per Class A share from $5.59 billion or $3,401 per class A share in the year-ago quarter.

Excluding items, operating earnings for the quarter fell to $3.56 billion, or $2,163 per Class A share from $3.74 billion or $2,274 per Class A share in the prior year quarter.

However, total revenue for the quarter grew to $65.19 billion from $52.16 billion in the same quarter last year

Berkshire's class B shares were up 0.13% at $166.55, while Class A shares were up 0.18% to $250,000

Late Thursday, Buffett said it sold about a third of his company's investment in International Business Machines Corp. (IBM).