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 has partnered with United Bank for Africa (UBA) to facilitate U.S. dollar transfers directly to over 20 million UBA accounts in Nigeria. BOSS Money customers can send money quickly, with transfers starting at $3.99 for amounts up to $100. This collaboration aims to enhance customer convenience and expand remittance options. BOSS Money currently supports transfers to 50 countries via numerous agents, enhancing financial connectivity for families and businesses across borders.
NRSInsights announced that August 2022 same-store sales increased by 6.4% compared to August 2021 but fell 3.3% from July 2022. Year-to-date same-store sales are up 8.4%, and for the three months ending August 31, 2022, they rose 9.2%. Although sales compared to the previous month declined, certain categories like school supplies showed growth. Inflation appears to be easing, with average prices for popular items increasing 2.3% compared to the 2.9% rise in July 2022. NRS operates over 19,000 terminals across the U.S.
net2phone, a cloud communications provider and a subsidiary of IDT, has been recognized as a growth and innovation leader by Frost & Sullivan in the Frost Radar™: Unified Communications as a Service Market in Latin America and the Caribbean, 2022 report. The report praises net2phone for its strong market share, diverse client portfolio, and collaborative development model. President Jonah Fink expressed satisfaction with this recognition, emphasizing the company's focus on enhancing hybrid work environments and meeting the growing demand for contact-center solutions.
National Retail Solutions and Bringg are set to present at Home Delivery World 2022 on August 31, focusing on enhancing last-mile delivery accessibility. The presentation will be led by Elie Y. Katz, CEO of National Retail Solutions, and Daniela Perlmutter, SVP of Bringg. They aim to discuss industry strategies for expanding participation in last-mile delivery logistics. National Retail Solutions supports over 19,000 independent retailers, while Bringg optimizes logistics operations for enterprises globally.
IDT Corporation (NYSE: IDT) announced that the Federal Communications Commission’s Enforcement Bureau has completed its review regarding the renewal of spectrum licenses from IDT’s 2013 spinoff of Straight Path Communications. The Bureau does not plan to take further action, which IDT welcomes following their cooperation during the review process. This resolution allows IDT to focus on its core fintech and communication services without the uncertainty of ongoing regulatory scrutiny.
NRSInsights reported strong retail performance in July 2022, showing a 9.2% increase in same-store sales year-over-year, and a 6.5% increase from June 2022. Year-to-date sales rose 8.6% compared to the prior year. The increase in sales was driven by high demand for non-alcoholic beverages and beer. NRS operates over 16,000 POS terminals across the U.S., processing $11.5 billion in sales within the last year. The data indicates that inflationary pressures remain moderate in comparison to broader retail trends.
net2phone, a prominent cloud communications provider, has entered a strategic partnership with UPSTACK, enhancing the way businesses source digital infrastructure solutions. This collaboration allows UPSTACK’s network of advisors to offer net2phone’s cloud communication services to their clients. The partnership emphasizes net2phone's dedication to channel partners, offering comprehensive support and incentives. With advanced integrations for applications like Microsoft Teams and Salesforce, net2phone aims to equip businesses with cutting-edge communication solutions.
Newark, NJ, June 16, 2022 – net2phone has announced a partnership with TeleBermuda International Limited (TBi) to offer unified communications-as-a-service (UCaaS) solutions to TBi’s business customers in Bermuda. The collaboration aims to deliver co-branded UCaaS offerings that provide features such as unlimited domestic and international calling, video conferencing, and SMS capabilities. TBi President Lee Greene emphasized the partnership's potential for providing cost-effective solutions for Bermuda businesses. The announcement showcases net2phone's strategy to enhance its market presence through local partnerships.
IDT Corporation (NYSE: IDT) reported its 3Q22 results, revealing a 12.2% decrease in consolidated revenue to $328 million. Key revenue highlights include National Retail Solutions (NRS) recurring revenue, which surged 101.9% to $10 million, and net2phone subscription revenue increasing 42% to $14.2 million. However, net income dropped to $4.8 million, down from $36.3 million in 3Q21, translating to an EPS of $0.18, compared to $1.39 a year earlier. Despite challenges, Adjusted EBITDA remained stable at $18 million.
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