Warren Buffett's Berkshire Hathaway on Saturday posted a lower operating profit in the first quarter, dented by insurance losses from wildfires and foreign currency changes, while its cash stake grew to a record $347.7 billion.

Operating profit for the Omaha, Nebraska-based conglomerate dropped 14% to $9.64 billion, or about $6,703 per Class A share, from $11.22 billion a year earlier.