EQUIFAX ANNOUNCED its financial results for the second quarter ended June 30, 2021, during a conference call on July 22. Senior leaders discussed financial and business results, including record revenue driven by strategic investments and enhanced technologies.
Equifax’s performance in 2Q21 saw revenue growth reach $1.2 billion for the quarter, which was the highest quarterly revenue in the organization’s history, breaking the record from last quarter.
The Workforce Solutions business unit led Equifax’s growth, with revenue up 40%. The U.S. Information Solutions segment delivered a strong quarter with revenue up 11%, while International delivered a very strong quarter of COVID recovery with 25% revenue growth on a local currency basis.
Slightly better than expected, Global Consumer Services revenue was down 2% in local currency, however, Consumer Direct Revenue delivered 11% growth in the quarter, its second consecutive quarter in double-digits.
“We continued our strong financial performance with our sixth consecutive quarter of double-digit revenue growth and EPS growth,” said Equifax CEO Mark Begor. “Last year, we started to ramp up our focus and resources on new products leveraging The Equifax Cloud™ data and capabilities.”
In 2Q21, Equifax released 46 new products, nearly double the 24 products launched a year ago. These new products increasingly leverage The Equifax Cloud to deliver better data and decisioning analytics for customers. Increasing new product innovation and highly differentiated data assets is central to Equifax’s EFX2023 growth strategy, and will be critical drivers of the organization’s continued success.
“Our new cloud data and technology capabilities are providing competitive advantages that only Equifax can provide,” said Begor. “Our customer-first initiatives are deepening our relationships and delivering new solutions along with above-market growth. And as always, we remain focused on extending our leadership in security.”
The Equifax Cloud delivers always-on stability, accelerated response time and built-in, industry-leading security that allow real-time access to data and insights. Cloud technology allows customers and Equifax data scientists to work together, using Equifax’s unique data assets and customer proprietary assets, to define attributes and models to improve customer outcomes.
“Already, The Equifax Cloud has enabled us to produce new products designed and delivered on our cloud infrastructure four times faster,” said Begor. Second-quarter results were announced soon after a report by CNBC’s Tyler Clifford, in which Mad Money’s Jim Cramer named Equifax one of the “top-performing stocks of the second quarter.”
“Equifax shocked Wall Street with its much better than expected results and its more aggressive buyback. I think this could be a terrific second-half story,” Cramer said. “This might be the single, most unheralded financial technology play out there.”