Net earnings were $4.71 billion for the first quarter, down 3.8% from the first quarter 2013.
Revenue came in at $45.5 billion, up 3.6% from the same period last year. Analysts had estimated revenue at $47.1 billion, according to data gathered by Thomson Reuters.
Wall Street closely monitors the Berkshire earnings report each quarter because the conglomerate invests in well-known companies that touch many consumers' lives. Its stock holdings include Wells Fargo, Coca-Cola, American Express, IBM, ExxonMobil and Wal-Mart Stores.
It also has dozens of operating units that offer a wide array of products and services, from providing vehicle insurance to selling chocolates.
The earnings results come as Berkshire Hathaway gets ready for its annual shareholder meeting, which kicks off Saturday in its headquarters city of Omaha.
BRK.B shares closed down less than 1% Friday to $128.09. In after hours trading, BRK.B remained down less than 1%.
BRK.A shares also closed down less than 1% at $192,255.
Contributing: Adam Shell, Matt Krantz
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