OMAHA, Nebraska (AP) — Warren Buffett’s company said late Friday its third-quarter profit soared 72% because the value of its investments and derivative contracts increased significantly.

But Buffett has said he believes Berkshire Hathaway’s operating earnings, which exclude the value of its derivatives and investments, are a better measure of the company’s performance.

The conglomerate’s operating earnings declined 11% in the quarter, to $3.4 billion from last year’s $3.8 billion, hampered by a drop in insurance underwriting profits.

Source: USA Today

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