reported a second-quarter loss today that widened sharply from the year-ago period, but the company said it continues "to focus on returning to profitability."
For the second quarter ended Jan. 31, IDT lost $23.5 million, or 71 cents a share, excluding nonoperating items. The company, which offers long-distance telephone and Internet access services, lost $718,168, or 2 cents a share, in the year-ago period. One analyst surveyed by
First Call/Thomson Financial
expected the company to lose 45 cents a share in the latest quarter.
IDT posted second-quarter revenue of $287.6 million, up from $275.5 million in the same quarter one year ago.
The company expects its operating losses to decline in the second half of the year thanks to expected growth in retail telecommunications revenue, small margin improvements and continued cost cutting.
Shares of IDT closed up 60 cents, or 2.8%, at $22.35 on the
New York Stock Exchange