Warren Buffett’s Berkshire Hathaway on Friday said second-quarter profit fell 15 percent, reflecting lower investment gains and a loss from insurance underwriting.

Net income for the Omaha, Nebraska-based conglomerate fell to $4.26 billion, or $2,592 per Class A share, from $5 billion, or $3,042 per share.

Operating profit declined 11 percent to $4.12 billion, or $2,505 per Class A share, from $4.61 billion, or $2,803 per share.

Analysts on average expected operating profit of about $2,791 per share, according to Thomson Reuters.

Buffett believes operating income is a better gauge of how Berkshire and its more than 90 businesses are doing than net income, which fluctuates more because it incorporates investment gains and losses.

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