FICO posts higher profit on scores business strength

(Reuters) - Credit scoring giant Fair Isaac Corp posted a rise in second-quarter profit on Thursday, helped by robust demand for its scores and software businesses.

The seven-decade-old company is best known for its FICO Score, the standard measure of consumer credit risk used by banks, credit card issuers, mortgage lenders and auto loan providers.

The company's scores segment revenue surged 19.3% to $236.9 million, driven largely by higher unit prices.

Revenue from its software unit, which sells analytics and data technologies to businesses, rose to $196.9 million from $181.8 million a year earlier.

The company reported an adjusted net income of $6.14 per share in the quarter, compared with $4.78 per share a year earlier.

FICO now expects its 2024 adjusted profit to be $22.80 per share.

Fair Isaac posted revenue of $433.8 million for the three months ended March 31, compared with $380.3 million a year earlier.

(Reporting by Sri Hari N S in Bengaluru; Editing by Alan Barona)

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