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 expanded its BOSS Revolution Money Transfer service to Southern Asia, specifically Nepal and Pakistan, through a partnership with Tranglo. The service allows users to send money fees-free for amounts up to $2,999 until January 31, 2021. Transfers can be sent directly to bank accounts or for cash pickup at various locations, enhancing convenience for customers. This addition increases BOSS Revolution's reach to 320,000 locations across 59 countries, affirming its position in the remittance market.
On December 10, 2020, IDT Express launched a new postpaid billing plan for Direct Inward Dialing (DID) numbers, enhancing its offerings to clients. This plan is designed to provide financial flexibility and global DID coverage, aligning with the increasing demand for virtual numbers in cloud communications. The new service is available in over 70 countries and aims to support diverse business applications, including contact centers and marketing analysis. IDT Express's continued innovation positions it strongly in the wholesale voice sector.
On Dec. 7, 2020, net2phone announced a new integration for Slack, enhancing cloud communication capabilities. The integration simplifies voice calls, video conferencing, and text messaging, streamlining call management with features like intelligent forwarding and optimized caller ID. Users can click-to-call, launch conference calls, and manage voicemails effortlessly. The integration aims to improve collaboration and communication for users worldwide, offering unlimited voice calling to over 40 countries. IDT Corporation, net2phone's parent company, supports this innovative solution.
IDT Corporation (NYSE: IDT) reported a net income of $8.3 million, equating to $0.32 per diluted share, for Q1 FY2021, marking a substantial recovery from a net loss of $1.5 million in Q1 FY2020. The company’s total revenue reached $343 million, up 1% year-over-year, while revenue less direct costs surged 16% to $70 million. Notably, BOSS Revolution Money Transfer and National Retail Solutions exhibited remarkable growth, with revenue increases of 111% and 109%, respectively. Adjusted EBITDA rose 148% to $18.1 million, reflecting strong operational performance.
IDT Corporation (NYSE: IDT) will release its financial and operational results for Q1 FY2021, covering the period ending October 31, 2020, on December 3, 2020. The earnings release will be available at approximately 4:30 PM Eastern on the IDT investor relations website. An earnings conference call is scheduled for 5:30 PM Eastern, where management will discuss results and future strategies, followed by a Q&A session. A replay will be accessible until December 10, 2020. IDT provides fintech, cloud, and traditional communications services.
National Retail Solutions (NRS) has partnered with Catalina, enhancing its digital out-of-home advertising network for independent retailers. This collaboration allows consumer package goods (CPG) brands to leverage NRS' extensive network of over 12,000 screens across 45 states. The partnership aims to improve brand communication in local markets, especially as consumers favor nearby shopping. Additionally, NRS will provide analytics to measure advertising effectiveness, further supporting independent retailers in competing against larger chains.
On November 17, 2020, net2phone announced the launch of its localized cloud communications solution in Peru, expanding its service to six additional cities in Brazil. This initiative aims to offer businesses in South America enhanced cloud communication and collaboration services while maintaining local identities. net2phone's offerings include unlimited domestic and international calling, advanced features, and a mobile application, all at a competitive monthly rate. The expansion is part of net2phone's growth strategy and is designed to leverage local infrastructure and partnerships.
BOSS Revolution, under IDT, has unveiled a redesigned BOSS Revolution Money app aimed at enhancing user experience for money remittances. New features include a 'Refer a Friend' program offering incentives for referrals, with a $10 reward each for both referrer and friend upon a qualifying transfer. Transactions up to $300 are fee-free for first-time users. The app also provides competitive rate comparisons and has garnered over 40,000 reviews with a 4.7 rating on app stores. The service supports transfers to over 320,000 locations across 59 countries.
On Oct. 27, 2020, net2phone announced a partnership with Five9, enhancing its cloud communications offerings by incorporating Five9's intelligent cloud contact center as a service (CCaaS). This integration aims to extend market reach by providing comprehensive solutions tailored for enterprises with extensive customer engagement needs. The collaboration is expected to deliver valuable synergies through shared integrations, improving customer experiences and operational efficiency.
National Retail Solutions (NRS), a subsidiary of IDT (NYSE: IDT), has launched the NRS EMV EZ Pump Solution, a cost-effective payment processing service for gas stations, enabling compliance with EMV standards. Starting April 2021, gas stations must accept chip card payments to avoid liability for fraudulent transactions. The NRS solution is affordable, with installation costs significantly lower than new pumps, which can exceed $20,000. This solution supports various payment methods, including contactless payments, crucial during the Covid-19 pandemic.
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