Warren Buffett's conglomerate Berkshire Hathaway reported a smaller third-quarter profit on Friday as it recorded nearly $1.6 billion in derivatives losses.
Berkshire reported a profit of $2.28 billion, or $1,380 per Class A share, compared with a year-earlier profit of $2.99 billion, or $1,814 per share.
Book value rose to $96,876 per Class A share. Berkshire recently launched a share buyback program, its first ever, with an upper price limit set at 110 percent of book value. Shares closed above that threshold on Friday.
(Reporting by Ben Berkowitz, editing by Bernard Orr)