Fair Isaac Reports Lower Earnings
MINNEAPOLIS – FICO, creator of the ubiquitous credit score, reported a 10% decline in net income for its fiscal first quarter, to $16 million, even as revenues grew.
First quarter revenue growth of 3%, to $155.9 million, was fueled by a 5% advance for the company’s applications revenues unit, which provides preconfigured decision management applications and associated services. The increase was primarily due to an increase in revenue from fraud management solutions, origination and marketing solutions.
“Results were solid across our portfolio, and we continue to see signs of gradual improvement in the economy,” Mark Greene, CEO of the company, formerly known as Fair Isaac & Co., said in a statement.