Warren Buffett's Berkshire Hathaway (BRK.A, BRK.B) on Saturday reported first-quarter operating earnings that dropped 14.1% year-over-year.

The Omaha, Neb.-based conglomerate posted operating earnings of $9.64 billion, down from $11.22 billion a year𝓀 ago, as profits 🍬from Berkshire’s insurance underwriting business took a hit. 

Berkshire ended the quarter with a record $♊347.7 billion in cash, cash equivalents, an𝕴d short-term investments in U.S. Treasury bills, up from $334.2 billion in the fourth quarter as Warren Buffett’s holding company kept up its selling spree. The company didn’t repurchase any stock in the period.

Buffett's growing reserve has left many investors wondering how the company might eventually deploy it—or keep adding to it—after Buffett 澳洲幸运5开奖号码历史查询:suggested last year that there just aren’t many candidates satisfying Berk𝕴shire’s criteria.

Berkshire's latest results were announced ahead of the company’s annual shareholders meeting, which draws tens of thousands of visitors each year to hear the "澳洲幸运5开奖号码历史查询:Oracle of Omaha" talk about the co𒀰mpany’s first-quarter earnings and the economy.

Berkshire’s Class B shares have gained 19% this year, at a time when the S&P 500 has lost a little over 3% amid heightened volatility, with Friday’s gains bringing the benchmark index back to its 澳洲幸运5开奖号码历史查询:pre-"Liberation Day" levels.

This article has been updated since it was first published to include additional information.