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Berkshire Hathaway accelerates stock buybacks, operating profit falls

Reuters
Berkshire Hathaway accelerates stock buybacks, operating profit falls

Nov 7 (Reuters) - ‌Berkshire Hathaway on Saturday reported ​a ‌lower third-quarter operating profit ‌as insurance underwriting results declined, ‌and said it bought back $9.6 billion of stock in the ⁠quarter.

The repurchases are ‌in addition ⁠to the $4.8 billion of ​stock that Berkshire repurchased earlier this ​year.

Quarterly operating profit ​fell ‌6% to $12.71 billion, ​or about $8,954 ⁠per Class A ‌share, from $13.49 ​billion ​a year earlier.

Net income fell 28% to $22.11 billion, including unrealized ‌gains and losses on stocks that ‌Omaha, ​Nebraska-based Berkshire still owns.

(Reporting by Jonathan Stempel in New YorkEditing ‌by Tomasz Janowski)