Berkshire Hathaway Earnings Fall 7.6%

Berkshire Hathaway's(BRK.A Quote - Cramer on BRK.A - Stock Picks) net earnings fell 7.6% in the second quarter, weighed down by weakness in insurance underwriting.

Warren Buffett's conglomerate said Friday it earned $2.88 billion, or $1,859 for each of its Class A shares, in the latest quarter. That was down from $3.12 billion, or $2,018 a share, a year earlier.

Berkshire said operating earnings from insurance underwriting were $360 million in the second quarter, down 43% from $632 million in same period a year before. Insurance underwriting in general is going through a tough period, and Berkshire rival AIG(AIG Quote - Cramer on AIG - Stock Picks) reported a huge loss earlier this week.

Operating earnings from insurance investments rose slightly, however, to $884 million from $862 million. Non-insurance businesses also saw operating earnings expand year over year, to $1.09 billion from $1.05 billion.

Berkshire's Class A shares gained $275 Friday to close at $115,750.