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 the postponement of its planned spinoff of the net2phone cloud communications segment, initially scheduled for on or before July 31, 2022. The decision comes in response to current market conditions. President Jonah Fink highlighted net2phone's growth and its recent acquisition of Integra, indicating a strong position in North and South America. CEO Shmuel Jonas emphasized plans to enhance net2phone's profitability and business transformation while remaining committed to its long-term growth.
IDT Corporation (NYSE: IDT) has launched its BOSS Money remittance service to Jamaica, enabling users in the U.S. to send cash to family and friends instantly in Jamaican Dollars. Transfers up to US$1,000 cost US$3.99, and first-time senders can transfer up to US$300 free of charge. With this launch, BOSS Money now services 50 countries through 1,250 payout locations worldwide. The collaboration with LASCO Financial Services aims to simplify financial transactions for the Jamaican diaspora.
IDT Corporation (NYSE: IDT) has announced its acquisition of Leaf Global Fintech Corporation, a digital wallet provider focused on unbanked populations in East Africa. This strategic move aims to expand Leaf's services in Rwanda, Uganda, and Kenya, facilitating secure transactions via its blockchain-based platform. Leaf's wallet is accessible to users of smartphones and feature phones, allowing currency storage and transfers across borders. The acquisition is expected to leverage IDT's network to enhance Leaf's deployment globally.
IDT Corporation (NYSE: IDT) reported its 2Q22 results, revealing a 0.8% revenue decline to $337 million compared to the previous year. EPS fell to $0.28 from $0.51. Notable revenue increases included NRS at $10.6 million (+103.6%) and net2phone subscriptions at $12.5 million (+32.3%). Money Transfer revenue decreased by 6.2% to $12.5 million, though adjusted figures showed a potential growth of 48%. Adjusted EBITDA rose 14.3% to $18.7 million. The company aims to complete the net2phone spin-off by July 31, 2022.
net2phone, a subsidiary of IDT (NYSE: IDT), has acquired Integra CCS, enhancing its position in the cloud communications sector. Integra offers a comprehensive CCaaS platform featuring omnichannel support and advanced analytics. The acquisition is expected to drive significant growth, with Integra already achieving cash flow positivity and near triple-digit revenue growth. This strategic move aligns with market demands for integrated communication solutions and leverages net2phone’s global sales network.
IDT Corporation (NYSE: IDT), a global provider of fintech and communication services, will release its financial results for Q2 FY2022 on March 7, 2022. The earnings report will be available on the IDT investor relations website at approximately 4:30 PM Eastern. An earnings conference call will follow at 5:30 PM Eastern, featuring management's discussion of results, outlook, and strategy, with a Q&A session for investors. A replay will be accessible after the call until March 14, 2022 via designated phone lines.
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.
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