Warren Buffett's Berkshire Hathaway Inc. says its third-quarter profit fell 24 percent from a year ago due to a sharp decline in the value its derivative contracts.
Berkshire said Friday it earned $2.28 billion, or $1,380 per Class A share, for the three months ended Sept. 30. That's down from net income of nearly $3 billion, or $1,814 per Class A share, a year earlier.
Revenue slid to $33.7 billion from $36.3 billion last year.
The Omaha-based company recorded a loss from its derivative contracts of about $1.59 billion, much wider than the loss of $95 million booked the year before. Apart from its investments, Berkshire's insurance underwriting and non-insurance businesses posted gains.
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