Fair Isaac Corp - FICO STOCK NEWS

FICO (NYSE:FICO) reported third fiscal quarter 2022 revenues of $349 million, up from $338 million year-over-year. Net income was $93.5 million ($3.61 per share), significantly lower than $151.2 million ($5.18 per share) in the prior year, which included a $92.8 million pre-tax gain from a sale. Non-GAAP net income increased to $115.7 million ($4.47 per share). The company recorded strong performance with 9% growth in Software Annual Recurring Revenue (ARR) and reaffirms fiscal 2022 guidance of $1.355 billion in revenue.

FICO (NYSE:FICO) will announce its third quarter fiscal 2022 results on August 3, 2022, post-market hours. The company is recognized for its predictive analytics and decision management software. A conference call is scheduled for the same day at 5:00 p.m. Eastern Time, which will be webcast live on the FICO Investor Relations website. FICO continues to leverage its extensive patent portfolio to drive growth and profitability across industries, including financial services and healthcare.

FICO announced that its Resilience Index has been utilized by over 200 financial institutions, with more than 2.5 billion scores delivered in the past 18 months. This innovative tool augments the FICO Score by providing additional credit risk insights, allowing lenders to make informed decisions amidst economic uncertainty. The latest version, FICO Resilience Index 2, offers enhanced predictive capabilities, doubling the power to assess consumer resilience. This development supports a variety of lending products and is obtainable from major US credit bureaus.

FICO (NYSE: FICO) reports that 70% of Thailand's retail banking consumers faced income drops due to the pandemic, prompting significant shifts in banking preferences. A survey reveals that 73% will prioritize savings while 66% will focus on investments. Notably, over 20% of affluent Thai customers are likely to switch banks for better offers, doubling from last year. Despite a challenging environment, many continue to maintain or increase investments, with 47% deferring loan repayments. The rise in digital banking adoption is also significant, as 72% opt for fintech solutions over traditional banking services.

Recent research by Mercator Advisory Group highlights that 97% of asset-backed securitizations (ABS) utilize FICO® Scores as a key metric for evaluating credit quality across various collateral classes, including auto finance, credit cards, and student loans. The study reveals that over $41.9 billion in receivables were introduced to the market in 1Q2022, emphasizing the score's importance amid rising interest rates and economic uncertainty. The organization also released a white paper discussing the continued relevance of FICO Scores amidst emerging AI scoring models.

The May 2022 report by FICO highlights UK credit card trends amidst rising cost-of-living pressures. Key findings indicate a 6.1% increase in the percentage of payments to balance, reaching 42.06%. Average spending decreased by £7 to £753, while the average balance rose 0.2% to £1,555. Notably, accounts missing one payment increased by 7.4%, highlighting potential financial distress among cardholders. Overall, consumers appear to prioritize credit card repayments despite economic challenges.

FICO's April 2022 report on UK credit card trends reveals early signs of cost-of-living pressure. Average monthly spend reached £760, a 10% increase from March, while average balances rose to £1,554. Notably, there's a 22% year-on-year rise in spending. However, missed payments have seen a slight increase, indicating inflation is impacting some cardholders. The report suggests continued financial prudence among consumers as repayments to balances remain stable.