Welcome to our dedicated page for IDT news (Ticker: IDT), a resource for investors and traders seeking the latest updates and insights on IDT stock.
IDT Corporation reports developments across a portfolio of fintech and communications businesses. Recurring updates include financial results for segments such as National Retail Solutions, Fintech, net2phone and Traditional Communications, as well as capital-return actions including dividends and share repurchases.
Company news also covers National Retail Solutions’ point-of-sale platform for independent retailers, NRSInsights retail same-store sales reports, BOSS Money international remittance and payments services, and net2phone cloud communications, customer experience and AI-driven workflow offerings. Additional releases address product launches, investor presentations, prepaid services, international voice and SMS messaging, and digital payment activity.
NRSInsights reported a 5.1% year-over-year increase in June 2024 same-store sales. The NRS network comprises 31,400 active POS terminals, predominantly serving urban consumers. Unit sales grew by 5.5%, and the average number of transactions per store rose by 2.8%. However, the average price increase for top products moderated to 1.1%, down from 1.6% in May. Seasonal categories like Sun Care and Packaged Beverages showed strong performance, while Candy/Gum/Mints and Tobacco Alternatives/Vape underperformed. The NRS network outpaced the US Commerce Department’s retail trade data excluding food services by an average of 2.7 percentage points over the past year.
NRSInsights has announced that May 2024 same-store sales rose 4.7% year-over-year. The NRS retail network, consisting of around 30,800 POS terminals, showed an increase in the number of items sold and transactions per store. Price increases for top items were noted. The beverage category saw significant growth except for energy and sports drinks. High-protein food items continue to gain popularity. The NRS POS network outperformed the US Commerce Department’s retail data by 3% over the past 12 months. NRS processed $18.8 billion in sales through 1.3 billion transactions in the past year.
IDT reported its Q3 FY2024 results, highlighting significant growth across its business segments. National Retail Solutions (NRS) saw recurring revenue climb by 45%, while net2phone's subscription revenue grew 17%. BOSS Money transactions increased by 44%, driving a 42% revenue increase in the fintech segment. However, consolidated revenue remained almost flat at $299.6 million, with net income falling to $5.6 million from $6.9 million due to higher tax rates and currency losses. Gross profit grew by 11% to $97.0 million, with a gross profit margin of 32.4%. EPS decreased to $0.22 from $0.27, while non-GAAP EPS fell to $0.38 from $0.46. The company repurchased 68,846 shares for $2.5 million during the quarter. IDT also announced a $0.05 dividend per share for the quarter.
BOSS Money, the remittance and payments brand of IDT , has launched a new domestic money transfer feature. Customers in the U.S. can now send money to Visa or Mastercard-branded bank or debit cards using the BOSS Money or BOSS Revolution apps, with credits typically occurring within minutes. Additionally, transfers can be made using cash through local authorized retailers.
The company has introduced new delivery and payment options for both domestic and international transfers, including direct-to-card transfers for recipients in Latin America, Africa, and the Philippines. Customers can also benefit from reduced transaction fees by funding transfers from their bank accounts. These enhancements aim to make financial services more accessible and affordable.
Esti Witty, EVP Product Management at BOSS Money, emphasized that these updates make sending money more convenient and affordable for customers, even for those without a smartphone, internet access, or a bank account.
IDT (NYSE: IDT), a provider of fintech, cloud, and traditional communications solutions, will report its Q3 fiscal 2024 results on June 5, 2024, covering the three months ending April 30, 2024. The earnings release will be available on the IDT investor relations website at 4:30 PM Eastern, followed by a conference call at 5:30 PM Eastern. The call will include a management discussion and Q&A. Interested parties can participate by dialing the provided numbers and access codes. The replay of the call will be available until June 19, 2024. IDT operates various services including National Retail Solutions, net2phone, BOSS Money, IDT Digital Payments, and IDT Express.
BOSS Money, the international remittance service of IDT , reported a record number of money transfers during the week leading up to Mother’s Day, May 12, 2024.
Transactions increased by 46% year-over-year, with a 41% rise in revenue. The surge was particularly notable in the 22 destination countries celebrating Mother’s Day that week, where transactions grew by 56%.
BOSS Money services 48 countries across Latin America, the Caribbean, Africa, and South Asia, with 244,000 cash pick-up locations and additional mobile and bank deposit options. The service is accessible via the BOSS Money and BOSS Calling apps, or through licensed retailers. New users enjoy fee-free initial transfers up to $2,999.
NRSInsights reported a 2.5% increase in same-store sales year-over-year for April 2024, with inflationary pressures easing. The NRS network now has over 30,000 active terminals nationwide, serving independent retailers. The company is focused on delivering value through technology to help retailers operate profitably.
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