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Buffett says Berkshire's results do not represent business

OMAHA, Neb., May 5 (Reuters) - Billionaire Warren Buffett on Saturday told shareholders that Berkshire Hathaway Inc's first-quarter earnings reflected strong performance despite a new accounting rule that pushed the company to a net loss.

"It really is not representative of what is going on in the business at all," Buffett told shareholders at Berkshire's annual meeting in Omaha, Nebraska on Saturday.

Buffett, 87, and his longtime partner and fellow billionaire Charlie Munger, 94, are leading Berkshire's annual meeting in Omaha, Nebraska, where they are fielding five hours of questions from shareholders, journalists and analysts. (Reporting by Trevor Hunnicutt and Jonathan Stempel in Omaha Editing by Nick Zieminski)