Profits Drop At Warren Buffett’s Berkshire Hathaway As It Writes Down Its Kraft Heinz Investment

OMAHA, Neb. (AP) — Warren Buffett’s company reported less than half as much profit in the second quarter as it took a $3.76 billion writedown on the value of its stake in Kraft Heinz as that iconic food producer considers largely undoing the merger that Berkshire Hathaway helped bankroll. Berkshire said it earned $12.37 billion in the quarter because it recorded a smaller gain on its investments compared to last year when it unloaded a chunk of its Apple stake. Berkshire still owns more than 27% of Kraft Heinz. Buffett has said previously that he believes in the company but the problem is that he overpaid for it originally.