Berkshire Hathaway (NYSE:BRK-A, NYSE:BRK-B) reported quarterly adjusted earnings of $2.32 per share, 47 cents more than the mean expectation of four analysts of $1.85 per share. The Omaha-based conglomerate said in the December fourth quarter, revenue fell 52.1% to $28.21 billion from a year ago; Wall Street analysts expected $33.69 billion. The share price of BRK-B stock has slipped 1.1% this year, compared to an 11.4% gain in the S&P 500 index.

The reported earnings per share was a loss of $10.31. Analysts had reduced estimates in recent months, pushing down the mean by more than 20%. Two analysts had pared estimates since mid January. The current average analyst rating on BRK stock is buy, according to Reuters. Of the five analysts with a rating on the shares, three have a strong buy or buy and two recommend investors hold, per Reuters.

Warren Buffett, chairman and CEO of Berkshire Hathaway, wrote in his much-anticipated annual letter released on Saturday that he remained on the hunt for a sizeable acquisition but potential targets were still too pricey. In his 13-page letter, Buffett complained about the new Generally Accepted Accounting Principles (GAAP) policy that hit Berkshire’s bottom line in 2018, particularly during the rocky fourth quarter. The so-called “Oracle of Omaha” said that, over time, Berkshire will become a “significant” repurchaser of its own shares.

While Berkshire continues to be a large holder of Apple (NASDAQ:AAPL) shares, recent SEC filings show it reduced its stake with fourth-quarter AAPL stock sales.