Implode-o-Meter News - Equifax profit falls as hacking costs take toll

Equifax Inc (EFX.N) on Thursday reported lower quarterly profit, and quarterly revenue missed estimates, as the credit bureau warned that its massive data breach had prompted some customers to hold back business... Equifax reported third-quarter revenue of $834.8 million, missing analysts' average estimate of $845.94 million, according to I/B/E/S Thomson Reuters....
The breach, which compromised sensitive data of 145.5 million people, has harmed the company's reputation and prompted investigations in every U.S. state, a federal criminal probe and hundreds of lawsuits. Equifax said it was not possible to estimate how much it would cost the company to respond to the probes and litigation.

The Atlanta-based company said it recorded $87.5 million in expenses related to the hack during the quarter, including legal fees, investigation of the breach, and free credit monitoring for U.S. consumers whose data was exposed in the breach.

Equifax estimated a range of additional costs between $56 million and $110 million to continue providing the free services.

The company warned there could be further attacks. "We cannot assure that all potential causes of the incident have been identified and remediated and will not occur again," it said in a quarterly filing with the Securities and Exchange Commission.''

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Equifax profit falls as hacking costs take toll