Economy

After security breach costs, Equifax clears Q3 with $96M profit

After security breach costs, Equifax clears Q3 with $96M profit”

It announced the cyber breach on September 7.

The credit bureau is also facing more than 60 government investigations from states, US federal agencies and the British and Canadian governments, the earnings report revealed. Still, it lost $87.5 million from the breach and missed analyst expectation on both the top and bottom lines.

The company may also give an update on its efforts to find a new chief executive officer, as well as new chief security and chief information officers, to replace executives that left after the breach was made public. The company said it did not know how much it would cost them to address any judgments, settlements or penalties as a result of the breach.

Interim chief executive Paulino Barros, who was installed after the previous boss resigned, said he had high confidence that the firm would emerge from the crisis stronger.

Calendar Q3 numbers for the three months ended 30 September - the latter being the same month the company 'fessed up to the mega leak - include a 4 per cent year-on-year rise in turnover to $834.8m.

Atlanta-based Equifax reported a 3 percent drop in its US revenue in the third quarter to $308 million, but was able to make up the difference and then some from its global services, resulting in an overall 4 percent increase in revenue to $835 million.

Shares of Equifax, which have fallen more than 20 percent since the breach, took another hit after the report, down as much as 3 percent from its market close of $108.95.



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