Operating profit also fell short of analyst forecasts, although Berkshire attributed much of the decline to currency fluctuations and its accounting for a major contract with the insurer American International Group.
Net income for Omaha, Nebraska-based Berkshire fell to $4.26 billion (R57.16bn), or $2592 per Class A share, from $5bn, or $3042 per share, a year earlier.
Operating profit declined 11% to $4.12bn, or $2505 per Class A share, from $4.61bn, or $2803 per share. Analysts on average expected operating profit of about $2791 per share.
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 and derivative gains, which fell 64% from a year earlier.
Book value per share, Buffett’s preferred measure of growth, rose 2.7% from the end of March to $182816.
The company’s stock price, meanwhile, set a record high on Friday, with Class A shares closing up $1629.80 at $270000.