American investor Warren Buffetts Berkshire Hathaway announced on Saturday that its operating earnings for the second quarter fell by 3.79 compared to the same period last year.
This is the companys first earnings report since Buffett, 94, revealed his plans to step down as CEO at the end of the year, with Greg Abel set to take over.
For the first six months of the year, operating revenues were reported at 20.8 billion, an 8.8 decrease from the previous year.
Net income for the second quarter saw a significant drop of 59, totalling approximately 12.37 billion. The companys insurance underwriting businesses also experienced a nearly 11 decline in pre-tax earnings for the quarter.
The report also noted that Berkshires cash pile has decreased slightly to 344 billion as of the end of the second quarter, down from 347 billion in early May.