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IDT Corporation Class B (IDT+0.69%) has submitted its 10-Q filing for the quarterly period ended October 31, 2024.
The filing includes financial statements for the quarter, showing an increase in revenues to $309.6 million from $301.2 million in the same quarter the previous year. The increase is attributed to growth in the National Retail Solutions and Fintech segments.
Gross profit for the quarter was $107.6 million, compared to $94.0 million in the previous year, with the increase attributed to higher revenues.
Operating expenses for the quarter were $84.0 million, up from $76.8 million in the previous year, primarily due to increased selling, general, and administrative expenses.
Net income for the quarter was $18.5 million, up from $8.5 million in the previous year. Net income attributable to IDT Corporation was $17.2 million, compared to $7.7 million in the previous year.
Cash provided by operating activities was $0.2 million, while cash used in investing and financing activities was $8.7 million and $3.7 million, respectively.
IDT had cash, cash equivalents, debt securities, and current equity investments totaling $180.4 million as of October 31, 2024.
The filing also details various business segments, including National Retail Solutions, Fintech, net2phone, and Traditional Communications, with each segment showing different performance metrics.
IDT does not anticipate any material changes in its risk factors as previously disclosed in its 2024 Form 10-K.
The company continues to focus on expanding its business segments and managing its financial resources effectively.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the IDT Corporation Class B quarterly 10-Q report dated December 10, 2024. To report an error, please email earnings@qz.com.