BlackRock Inc. (NYSE: BLK) reported its financial results for the quarter ended March 31, 2020 today.
BlackRock reported a 23% drop in earnings for the first quarter of 2020 due to the impact of charitable contributions and higher costs and expenses. The top-line increased by 11% driven by higher base fees and 34% growth in technology services revenue, reflecting the impact of the eFront acquisition and continued Aladdin momentum.
The company said the coronavirus outbreak has transformed the world, creating unprecedented human and economic hardship. BlackRock’s overriding priority is the health and safety of its employees and their families.