Warren Buffett's Berkshire Hathaway sees $1.14 billion net loss in Q1

On Saturday, ahead of the company's annual meeting in Omaha, Warren Buffett's Berkshire Hathaway reported a $1.14 billion net loss in the first quarter — a rare hit for the conglomerate.

The details: Per the Wall Street Journal, Buffett warned in his annual letter in February that "earnings would appear more volatile" because of a new accounting rule. Berkshire saw revenue loss because of "a drop in insurance premiums earned," the WSJ adds, falling from $64.37 billion to $58.47 billion.