Home news Equifax profits plunge amid breach fallout

Equifax profits plunge amid breach fallout


Equifax quarterly profits plunged 27% and revenue growth was lower in the most recent quarter, as the credit bureau grappled with fallout from a major data breach.The firm has said personal information of more than 145 million people in the US and the UK may have been exposed.The incident has spurred government investigations and led to calls for new regulations.The head of the firm said it had “an important journey” to regain trust.”I have high confidence… we will emerge from this an even stronger company,” said interim chief executive Paulino Barros, who was installed after the previous boss resigned.Equifax previously said investors could expect revenue growth of 6% to 7% in the third quarter.But revenue in the period rose just 4%, reaching $834.8m (£635.5m), as its US business declined.Profits in the three months to the end of September were $96.3m, down 27% as expenses climbed.
Source: BBC