Berkshire Hathaway operating earnings drop more than expected as Buffett warns of tariff uncertainty

Key Points

Operating earnings, which include the conglomerate’s fully owned insurance and railroad businesses, fell 14% to $9.64 billion during the first three months of the year.
Much of that decline was driven by a 48.6% plunge in insurance-underwriting profit.
Berkshire said President Donald Trump’s tariffs and other geopolitical risks created an uncertain environment for the conglomerate, owner of BNSF railway, Brooks Running and Geico insurance.

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