IDT Q4 2023 Earnings Report

IDT's Q4 2023 results were marked by expansion in high-growth businesses and stable performance in Traditional Communications.

Key Takeaways

IDT Corporation reported its Q4 and full fiscal year 2023 results, with a focus on the growth of its high-margin businesses, including NRS, net2phone, and BOSS Money. The company invested in growth initiatives, particularly in NRS and net2phone, and introduced new services like Elroy, a mobile banking app. Traditional Communications segment performed as expected.

NRS added a record number of net retail terminals and payment processing accounts.

net2phone increased seats served by 21% and subscription revenue by 19% year-over-year.

BOSS Money increased transactions by 42%, driving a 36% year-over-year revenue increase.

IDT is working to streamline operations in its Traditional Communications segment and push new initiatives for IDT Digital Payments.