Berkshire Hathaway's operating earnings fell 10 percent in its second quarter, hurt by a $38 million loss for its insurance underwriting businesses. That segment generated $411 million in profits during the same period last year.
Overall, Warren Buffett's holding company said it had $3.9 billion in profits for the three months ending on June 30, down 10 percent from $4.3 billion in last year's second quarter.
That works out to $2,367 per Class A share, well below $3,038, the average forecast from the three analysts who contributed to the Thomson Reuters estimate.
That would have been a 15 percent increase from last year's $2,634 per share.
Profits at Berkshire's non-insurance businesses increased by almost 11 percent to $3.1 billion. They have been playing a larger role for Berkshire in recent years as the company made big investments in the BNSF railroad and Kraft Heinz .
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Berkshire said it had a book value of just under $150,000 per share as of June 30.
Shares of Berkshire Hathaway's lower-priced Class B shares fell about 1 percent in after-hours trading following the report.
How are Berkshire Hathaway shares doing now?
Berkshire—which helped orchestrate a merger of H.J. Heinz and Kraft Foods earlier this year—became the majority shareholder of Heinz in June. Kraft Heinz shares have climbed more than 7 percent since July 6, when it started trading as a combined company.
Berkshire Hathaway Class A shares have shed about 5 percent this year.
—CNBC's Jacob Pramuk contributed to this report.