IDT Q1 2021 Earnings Report

IDT reported a strong financial quarter with substantial year-over-year improvements in revenue and bottom-line results.

Key Takeaways

IDT Corporation reported a net income per diluted share of $0.32 and Non-GAAP earnings per diluted share of $0.35 on revenue of $343 million for the first quarter of fiscal year 2021. The company's high-growth businesses, including BOSS Revolution Money Transfer, NRS, and net2phone's cloud communications offerings, generated impressive year-over-year revenue growth.

IDT's high-growth businesses contributed an increasing share of consolidated revenue.

The money transfer business benefitted from favorable foreign exchange market conditions.

IDT closed the quarter with a stronger balance sheet due to strong operational cash generation.

The company continued to invest in its businesses and repurchase its stock.