Welcome to our dedicated page for IDT Corporation Class B news (Ticker: IDT), a resource for investors and traders seeking the latest updates and insights on IDT Corporation Class B stock.
IDT Corporation (symbol: IDT) is a leading multinational holding company with diversified operations primarily in the telecommunications and payment industries. Headquartered in Newark, New Jersey, IDT operates through several key business segments: Fintech, National Retail Solutions (NRS), net2phone, and Traditional Communications.
The Fintech segment includes National Retail Solutions, an operator of a nationwide point of sale (POS) network that offers payment processing, digital advertising, transaction data, and ancillary services. It also encompasses BOSS Money, a provider of international money remittance and related value/payment transfer services.
The net2phone segment focuses on unified cloud communications and telephony services aimed at business customers. This segment is crucial for businesses seeking advanced communication solutions that enhance productivity and operational efficiency.
The Traditional Communications segment remains a cornerstone of IDT's operations, contributing a significant portion of the company's revenue. During the fourth quarters of 2023 and 2022, this segment contributed 79.0% and 83.6% of IDT’s consolidated revenue, respectively. For the fiscal years 2023 and 2022, the corresponding contributions were 81.0% and 87.2%, respectively.
IDT Corporation prides itself on its innovative culture and global reach. With a diverse team of over 1,300 employees spread across all continents, the company fosters a dynamic and entrepreneurial environment. IDT encourages in-house entrepreneurs to develop their ideas into actionable business ventures, contributing to its exciting growth trajectory.
Financially, IDT has demonstrated resilience and adaptability. The company's recent financial statements highlight its strong performance across various segments. For instance, the fintech segment, including NRS and BOSS Money, continues to show robust growth, contributing 10.5% of IDT’s consolidated revenue during the third quarter of 2024, up from 7.3% in the third quarter of 2023.
Recent achievements and ongoing projects underscore IDT's commitment to innovation and customer satisfaction. The company's latest initiatives in the fintech space, particularly in enhancing POS network capabilities and expanding remittance services, position it well for future success.
IDT Corporation remains a compelling entity within the telecommunications and payment industries, leveraging its diverse portfolio to drive sustained growth and profitability. For more information or investor inquiries, contact Bill Ulrey, IDT Investor Relations, at william.ulrey@idt.net or (973) 438-3838.
IDT Corporation (NYSE: IDT) has announced an expansion of its BOSS Money money transfer service, now allowing US customers to send funds to Togo and Sierra Leone, along with new payout options in Benin. Transfers can be picked up at over 318 locations in Togo and select stores in Sierra Leone, with cash available at La Poste and Express Union in Benin. This service now covers 22 African countries and 215,000 locations. Additionally, BOSS Money is expanding partnerships with United Bank for Africa to facilitate direct deposits in Liberia and Ghana.
IDT Corporation (NYSE: IDT) has acquired a majority stake in Sochitel, a digital distribution platform specializing in mobile top-up and electronic vouchers. This acquisition, announced on January 20, 2022, enhances IDT's digital offerings and expands its market presence in Africa, a region with over 1.2 billion people and a growing fintech landscape. The partnership aims to leverage Sochitel’s established network to innovate and deliver new services, including bill payments and e-vouchers. The synergy between IDT and Sochitel is expected to unlock significant growth opportunities in mobile financial services.
IDT Corporation's subsidiary, National Retail Solutions (NRS), has launched NRS eWIC, a payment processing service that allows independent retailers to accept eWIC payments. This initiative aims to reduce costs and eliminates the need for specialized equipment. NRS eWIC is already certified in New York and New Jersey, targeting over 500,000 WIC beneficiaries in these states. NRS's goal is to empower independent retailers to reclaim market share from larger chains by providing them with advanced technological solutions.
net2phone, a global cloud communications provider, has partnered with Avant, a premier distributor for next-generation technologies. This collaboration allows Avant's Trusted Advisors to offer net2phone’s advanced communication solutions across the US and internationally. net2phone's cloud platform includes integrations with Microsoft Teams, Salesforce, and more, while providing features like unlimited international calling and video conferencing. This strategic partnership aims to enhance productivity for enterprise clients and support opportunities in rapidly growing markets.
IDT Corporation (NYSE: IDT) reported first-quarter fiscal 2022 results, showing an 8% revenue increase to $370 million compared to $343 million in the previous year. Key highlights include a remarkable 104.3% revenue growth in National Retail Solutions to $10.1 million and a 37.5% increase in net2phone subscription revenue. Conversely, Money Transfer revenue declined 18% to $12.5 million due to unfavorable foreign exchange conditions, though it would have risen 45% without that impact. Adjusted EBITDA rose 1.3% to $18.3 million, while loss per share was $0.10.
National Retail Solutions (NRS) has joined Geopath, enhancing its digital out-of-home (DOOH) advertising network. This integration provides NRS Digital Media with advanced audience measurement and consumer insights, improving the effectiveness of its advertising solutions. NRS operates a network of over 14,000 digital screens across the U.S., facilitating millions of daily impressions. COO Eli Korn emphasized the importance of robust audience data for advertisers, while Geopath’s EVP Dylan Mabin welcomed NRS as a member, highlighting their commitment to effective advertising experiences.
IDT Corporation (NYSE: IDT) has announced it will release financial results for Q1 of fiscal 2022, covering the period ending October 31, 2021, on December 7, 2021. The earnings release will be accessible on the IDT investor relations website at approximately 4:30 PM Eastern. Following this, an earnings conference call will begin at 5:30 PM Eastern, featuring management discussions on results and strategy, with a subsequent Q&A session. The call replay will be available until December 20, 2021.
IDT Corporation (NYSE: IDT) announced that CEO Shmuel Jonas will present at the 13th Annual Southwest IDEAS Investor Conference on November 18th in Dallas, TX. The presentation is set to start at 9 AM ET and will cover the company's operations, strategy, and fiscal year 2021 financial results.
The event will include one-on-one meetings with investors, and the presentation will be available via an audio webcast on the company's investor relations website for 90 days.
net2phone has been awarded the ‘Global Partner of the Year’ by UC Today, recognizing its outstanding performance in the unified communications industry. This accolade reflects net2phone's success in driving channel growth across global markets, achieved through a channel-centric strategy that includes competitive incentives and thorough onboarding processes. The award was determined by a panel of industry experts, highlighting net2phone’s exceptional contributions despite challenging market conditions. The company provides cloud communication solutions integrated with popular applications available in several countries.
IDT Corporation (NYSE: IDT) has rebranded its digital international remittance service to BOSS Money.
The new branding reflects its growth and innovative features aimed at enhancing cross-border financial transactions. The BOSS Money App has received high customer ratings (4.8 and 4.7 stars) and offers first-time users free transfers up to $300. With remittance services available to over 40 countries and mobile top-ups in 160 countries, IDT continues to expand its global value transfer network.
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