Berkshire Hathaway posts quarterly loss as stock holdings fall By Reuters

© Reuters. FILE PHOTO: Shareholders shop for discounted products at the annual Berkshire Hathaway shareholder meeting in Omaha, Nebraska, U.S., May 4, 2019. REUTERS/Scott Morgan/File Photo

(Reuters) – Berkshire Hathaway (NYSE:) Inc on Saturday posted a third-quarter loss, as the conglomerate run by billionaire Warren Buffett said it lost money on its stock investments and from insurance underwriting.

The net loss of $2.69 billion, or $1,832 per Class A share, compared with a profit of $10.34 billion, or $6,882 per share, a year earlier.

Operating profit rose 20% to $7.76 billion, or about $5,294 per Class A share, from $6.47 billion, or about $4,331 per share, a year earlier, helped by foreign currency gains and improvement in several businesses.

Berkshire also repurchased $1.05 billion of its own stock in the quarter, and has repurchased $5.25 billion this year.