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.
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.
IDT Corporation (NYSE: IDT) has launched a new service for its BOSS Revolution customers in the US, enabling them to purchase and send Tropigas LP gas canisters to family and friends in Guatemala. Through a partnership with Tropigas de Guatemala, customers can select canister sizes of 25, 35, or 100 pounds for delivery. This service is available at 35,000 BOSS Revolution retailers across the US, with no delivery costs for recipients in Guatemala. The initiative aims to strengthen family connections for Guatemalans living abroad.
IDT Corporation (NYSE: IDT) reported net income per diluted share of $0.82 and Non-GAAP earnings of $0.62 for 4Q20, with revenue hitting $360.3 million, a 1.2% increase year-over-year. Full FY20 results show net income per diluted share at $0.81 and total revenue at $1,345.8 million, a 4.5% decrease.
Notable growth was seen in BOSS Revolution Money Transfer, which grew 206% in 4Q20 to $21.3 million, driven by the BR Money App. The company also repurchased 630,000 shares for $4.0 million in 4Q20.
On September 29, 2020, net2phone announced a new integration with Zoho, enhancing communication for sales teams using Zoho's platform. Users can now utilize net2phone's features like click-to-call, call analytics, and automated follow-ups directly within Zoho. This integration is aimed at boosting productivity and streamlining customer interactions. It will be available in the US and several Latin American countries, offering unlimited global calling and advanced communication analytics. The President of net2phone, Jonah Fink, highlighted its potential to transform business communication.
IDT Corporation (NYSE: IDT) is set to release its fourth quarter and full fiscal year 2020 financial results on October 1, 2020, covering the periods ending July 31, 2020. The earnings report will be available on the company's investor relations website around 4:30 PM Eastern Time. Following the report, a conference call will occur at 5:30 PM Eastern, featuring management's insights and a Q&A session. Interested participants can join via provided toll-free numbers and access a replay available until October 8, 2020.
IDT Corporation (NYSE: IDT) has launched a new video series, BOSS Revolution 'Stories of the American Dream', showcasing the experiences of immigrants in the U.S. The series features stories of individuals from various countries, highlighting their courage and determination to build better lives. CEO Shmuel Jonas emphasizes the importance of recognizing the contributions of immigrants to American society. New episodes will be released weekly, starting September 16, 2020, on the BOSS Revolution website.
On July 23, 2020, net2phone and TBI announced a strategic partnership to enhance cloud communications solutions. TBI will support net2phone's services through its network of technology agents. This collaboration aims to meet the growing demand for efficient communication tools, especially as businesses adapt to more remote operations. net2phone offers robust integration with platforms like Microsoft Teams and emphasizes its commitment to channel partners with incentives and dedicated support. The partnership is expected to provide TBI's partners with competitive advantages in the market.
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