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.
National Retail Solutions has introduced a new security feature, the NRS POS Emergency Call Button, aimed at helping independent retailers combat rising theft and violence. This patented alarm system is discreetly integrated into the POS register, allowing store operators to silently contact police during emergencies. Currently available in New York, the feature will expand nationwide soon, following a partnership with Top Security Alarms.
net2phone has launched the net2phone Phone App for Microsoft Teams, allowing users to integrate affordable voice capabilities without needing extra licenses. This app is accessible to all Team members, on desktop or mobile, enhancing their Teams experience. It provides essential features such as making and receiving calls, call transfers, and internal calling within Teams. With this offering, net2phone aims to attract organizations that want to voice-enable Teams cost-effectively, complementing their existing native integrations with various CRMs.
National Retail Solutions (NRS), a subsidiary of IDT, announced a multi-year renewal of a data license with Swisher International for their point-of-sale (POS) scanner data. NRS operates a leading POS network for over 13,100 independent retailers across the U.S. The collaboration aims to enhance insights for independent tobacco retailers, enabling Swisher to develop tailored brand strategies and seize store-level opportunities. This partnership highlights NRS's unique dataset's potential for growth in a challenging retail segment.
net2phone, a subsidiary of IDT, has launched a HIPAA compliance program for its communication solutions. This initiative enables healthcare providers to utilize net2phone’s HIPAA-eligible services, ensuring that data privacy remains a priority. New features include call recording, voicemail, and voicemail transcription. Businesses can now access robust cloud communications including unlimited calling, advanced call routing, and integrations with popular applications, all at competitive rates. The program is expected to enhance service offerings to healthcare entities.
On August 25, 2021, IDT announced a partnership with PRISM Transfer to enhance remittance services in Haiti, expanding payout options for users of BOSS Revolution Money. This collaboration enables quicker and safer cash transfers to families affected by recent natural disasters. Customers can now collect cash at over 40 Fonkoze locations or deposit remittances directly into mobile wallets via MonCash. The promotional offer allows transfers up to $150 for just $1.00 until August 31, 2021. The partnership aims to facilitate financial support for the Haitian diaspora.
IDT Corporation (NYSE: IDT) has launched BOSS Revolution services in response to the recent earthquake in Haiti. From now until August 22, customers can send no-fee money transfers of up to $130 through the BOSS Revolution Money app or website. Reduced calling rates to Haiti are also available until August 15. The company aims to support the Haitian relief effort by facilitating communication and sending financial aid to affected families. IDT emphasizes its commitment to helping the Haitian diaspora during this crisis.
IDT Corporation (NYSE: IDT) has partnered with TerraPay to enhance its BOSS Revolution Money Transfer service, enabling seamless transfers to mobile wallets in Senegal and Benin. Customers can now send money to these countries and over 36 others, accessing more than 309,000 payment points. The partnership aims to expand the service's reach across Africa, Asia, LATAM, and Europe, providing real-time payment options. First-time users can make transfers up to $300 without fees through the BOSS Revolution Money app, available on both the App Store and Google Play.
IDT Corporation (NYSE: IDT) announced a new SMS carrier agreement with Telefónica Global Solutions on August 11, 2021. This agreement allows IDT to send SMS messages from its BOSS Revolution businesses in the U.S. and global partners directly to Telefónica mobile subscribers. The partnership builds on an existing relationship where over one billion minutes of international voice traffic are exchanged annually. IDT aims to enhance its SMS messaging capabilities and diversify its Carrier Services business through this collaboration.
IDT Corporation (NYSE: IDT) announced a partnership with professional soccer player Jonathan Mensah, the captain of MLS’s Columbus Crew, to promote its BOSS Revolution brand. Mensah, an immigrant from Ghana, will serve as a spokesperson for IDT's international money transfer, voice calling, and mobile top-up services. His personal experiences as a customer align with the brand's focus on connecting immigrant families. This partnership aims to enhance brand visibility across various media, leveraging Mensah's influence within immigrant communities.
IDT Corporation (NYSE: IDT) subsidiary National Retail Solutions (NRS) announced an expanded partnership with Koupon to enhance consumer packaged goods (CPG) brand marketing in independent convenience stores. This collaboration integrates digital coupons with retail displays and analytics, improving marketing effectiveness. NRS operates over 14,000 POS terminals, processing 58 million transactions monthly. The BR Club loyalty program of IDT allows over 2 million members to access digital promotions, boosting engagement in hard-to-reach urban markets.
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