Buffett’s firm says 3Q profit jump 72%

Berkshire Hathaway Inc. said it generated $3.92 billion net income,up from $2.28 billion last year.

Warren Buffett’s company says its third-quarter profit soared 72 percent because the value of its investments and derivative contracts improved significantly.

Berkshire Hathaway Inc. said Friday it generated $3.92 billion net income,or $1.58 per Class B share. That’s up from $2.28 billion,or 92 cents per share,last year.

Berkshire’s revenue grew to $41.05 billion from last year’s $33.74 billion.

Story continues below this ad

The three analysts surveyed by FactSet expected Berkshire to report earnings of $1.38 per Class B share on $39.04 billion revenue.

The biggest difference in the quarter was a major swing in the paper value of Berkshire’s derivatives tied to equity markets.

Berkshire’s investment gains and derivative losses combined to add $521 million to net income this year. In 2011,those things drained $1.53 billion from its third-quarter profit.

‘NDA’s cracks visible, Nitish Kumar a burden’: Kharge hits out at BJP in Patna

Cities1 hr ago

Congress President Kharge slammed the BJP-led NDA government in Bihar for causing internal conflicts and religious division. He predicted the 2025 Assembly elections will end the Modi government's corrupt rule. The party strategized to attack the BJP over "vote chori" and criticized the Election Commission's handling of electoral rolls. Kharge also accused PM Modi of being diplomatic.

View all shorts

Live Blog