FICO Reports Strong First-Quarter Profit on Growth in Scores and Software Segments
Fair Isaac Corporation (FICO), renowned for its FICO credit scores, announced an 18.6% increase in its first-quarter profit. The company's growth was driven by continued expansion in its scores and software offerings.
With the expectation of increased commercial and industrial lending under President Donald Trump's tax cuts and deregulation policies, demand for FICO's services is projected to rise. FICO's offerings empower lenders to evaluate customer creditworthiness before approving loans.
For the three months ending December 31st, FICO reported an adjusted profit of $143.8 million, equivalent to $5.79 per share. This represents a significant improvement from the $121.2 million or $4.81 per share reported during the same period last year.
Scores revenue, FICO's primary revenue stream, surged to $235.7 million during the quarter, up from $192.1 million a year ago. The software segment also witnessed a notable 10% growth, reaching $186 million compared to the previous year.
Overall, FICO's total revenue experienced a 15.1% increase, rising to approximately $440 million from the prior year's quarter.