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Berkshire Hathaway first-quarter earnings decline

Staff Writer |
Warren Buffett's Berkshire Hathaway said late Friday that net and operating earnings declined in the first quarter from a year ago.

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The company said first-quarter net income fell to $4.06 billion, or $2,469 a share, from $5.59 billion, or $3,401 a share, in the year ago quarter.

Operating earnings for the quarter declined to $3.56 billion from $3.74 billion in the year-ago quarter.

Berkshire's class B shares were down 0.3% at $166.01 after hours, while Class A shares were flat at $250,000.

Late Thursday, Buffett said he dumped a third of his stake in IBM after revaluing the company, sending IBM shares down 2.5% on Friday.

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