OMAHA, Neb. - Warren Buffett's Berkshire Hathaway (BRK.A) reported a 9 percent drop in third-quarter profit versus the same period a year ago, when the company had large investment gains.
Berkshire said Friday it earned $4.62 billion, or $2,811 per Class A share. That's down from $5.05 billion, or $3,074 per share, last year.
Revenue grew 10 percent to $51.2 billion.
Berkshire wrote down the value of its investment in British retailer Tesco by $678 million. Buffett told CNBC in an interview last month that the Tesco investment was a mistake. Berkshire has begun selling some of the shares.
Last year Berkshire had $1.2 billion in investment gains related to deals made during the financial crisis.
The four analysts surveyed by FactSet expected Berkshire to report earnings per share of $2,560.29.