Stock market today: S&P 500 closer lower on fresh economic concerns
In a remarkable display of market confidence, Fair Isaac Corporation (NYSE:FICO) stock has reached an all-time high, touching a price level of $1933.89. This milestone underscores a period of significant growth for the company, known for its data analytics and credit scoring services. Over the past year, FICO has seen its stock value surge, with an impressive 1-year change of 110.24%, reflecting strong investor optimism in the company's performance and future prospects. The achievement of this all-time high represents a key indicator of FICO's robust financial health and the successful execution of its strategic initiatives.
In other recent news, Fair Isaac Corporation, widely known for its FICO credit scoring system, reported a robust third quarter for 2024, with revenues increasing by 12% to $448 million compared to the previous year. The company's GAAP net income saw a slight decrease of 2%, settling at $126 million, while non-GAAP net income rose by 9%, hitting $156 million. Interestingly, FICO achieved a record free cash flow of $206 million for the quarter, marking a 69% increase from the previous year.
The company also announced a new authorization for share repurchases up to $1 billion. The Scores segment, responsible for the sale of FICO's credit scores, saw a 20% revenue increase, primarily driven by B2B and mortgage originations, while the Software segment grew by 5%, propelled by SaaS software. In light of these developments, FICO has raised its full fiscal year guidance, now expecting revenues to hit $1.70 billion.
For future expectations, FICO is projecting a GAAP net income of $500 million, with earnings per share of $19.90, and a non-GAAP net income forecasted at $582 million, with earnings per share of $23.16. The recent endorsement from Oppenheimer, initiating coverage with an Outperform rating, reflects a belief in FICO's long-term potential, given its dominant position in the credit scoring industry. These are the recent developments surrounding FICO.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.