May 2, 2008
Berkshire Profit Sinks 64 Pct on Derivatives Loss
Filed at 5:32 p.m. ET
OMAHA, Nebraska (Reuters) - Warren Buffett's Berkshire Hathaway Inc said on Friday that first- quarter profit tumbled 64 percent, hurt by $1.6 billion of pre- tax losses tied to derivatives contracts.
Net income fell to $940 million, or $607 per Class A share, from $2.6 billion, or $1,682, a year earlier.
Operating profit fell 13 percent to $1.93 billion, or $1,247 per share, from $2.21 billion, or $1,434.
(Reporting by Jonathan Stempel; Editing by Andre Grenon)
Warren Buffett, the King of go-it-aloners, snookered?
We are in deeper shit than anyone knew.