IDT Corp's (NYSE: IDT) stock surged 6.04% in the pre-market trading session on Friday, following the company's stellar second-quarter earnings report. IDT reported record levels of gross profit, income from operations, and adjusted EBITDA, driven by strong growth across its key business segments.
The company's Net2Phone Unified Communications-as-a-Service (NRS) segment achieved a remarkable 32% increase in recurring revenue, with adjusted EBITDA surpassing $10 million. The Boss Money remittance business experienced a record 5.7 million transactions, further solidifying its position in the fintech space. Additionally, the Fintech segment's gross profit soared by 35% to a record $22 million.
IDT's traditional communications segment also demonstrated robust performance, with adjusted EBITDA surging over 90% year-over-year to exceed $20 million in Q2. The company's strategic growth initiatives, including integrated delivery services and liquor company partnerships, have contributed to the NRS segment's revenue growth.
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