Warren Buffett’s Berkshire Hathaway Inc. reported a significant decrease in second quarter earnings, with net earnings of $12.370 billion, down from $30.348 billion last year. Earnings before income taxes also fell to $14.750 billion from $38.137 billion. Investment gains declined to $6.364 billion from $23.857 billion, while operating earnings decreased to $11.160 billion. Total revenues for the quarter were $92.515 billion, lower than the previous year’s $93.653 billion.

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