Warren Buffett Berkshire Hathaway, Inc. (NYSE: BRK-A) (NYSE: BRK-B) on Saturday reported a loss for its third quarter ended September 30, reflecting the loss gloomy situation in the financial markets, which weighed on his investments. However, operating income, which comes from a number of companies, improved year over year.

Berkshire reported a net loss of $2.69 billion for the third quarter, up from a profit of $10.34 billion in the year-ago period.

Loss for the quarter reflected investment and derivatives losses of $10.45 billion, a significant improvement from the loss of $53.04 billion in the previous quarter. However, a year ago, the company recorded $3.88 billion in investment and derivatives gains.

Operating income for the most recently reported quarter was $7.76 billion, an increase of about 20% from $6.47 billion in the same quarter last year, but down 16% from $9.28 billion -second quarter dollars.

Net loss per Class A share was $1,832 compared to net income of $6,882 in the third quarter of 2021. However, the net loss was less than that Loss of $29,754 per Class A share in the second quarter.

In a breakdown of operating profits, the company said utilities and energy contributed $1.59 billion, railroad and insurance investments each about $1.4 billion, and other controlled companies about $3.25 billion. The insurance business took about $962 million from operating income.

Berkshire said it spent about $1.05 billion to buy back its shares during the quarter.

Berkshire’s Class A shares ended Friday’s session at $432,000, up 0.75%, the release said Benzinga Pro data.

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