Berkshire Hathaway Earnings Drop 58%

Berkshire Hathaway, Warren Buffett’s investment company, reported a 58 percent drop in first quarter earnings, mostly due to the company’s insurance costs after Japan’s magnitude 9.0 earthquake in March.

US billionaire investor Warren Buffett, CEO of Berkshire Hathaway which owns Dairy Queen (L) and Microsoft founder Bill Gates (R) flip over their Dairy Queen Blizzard treats in Beijing, China on Sept. 30, 2010. Frederic J. Brown/AFP/Getty Images

BUFFETT SPEAKS: Berkshire Hathaway CEO Warren Buffett attends the Fortune Most Powerful Women summit at Mandarin Oriental Hotel in Washington. Jemal Countess/Getty Images for Time Inc.

Warren Buffett’s investment company, Berkshire Hathaway, reported a 58 percent drop in first quarter earnings, mostly due to the company’s insurance costs after Japan’s magnitude 9.0 earthquake in March.