The Newark, N.J.-based telco and media shop swung to a loss on light sales for the period ended April 30. IDT lost $14.3 million, or 15 cents a share, on sales of $606.7 million. Those numbers compare with a 19-cent loss on $608.8 million in revenue in the prior quarter ended in January.
The company blamed bigger-than-expected losses in its voice-over-Internet-protocol business with
Analysts were looking for a profit of 6 cents a share on $623 million in sales, according to a Reuters Research tally.
"Through the first nine months of the fiscal year our revenues are up 15%, and we continue to maintain our strong balance sheet," said CEO Jim Courter in a press release Tuesday. IDT says it has $950 million in cash and investments available.
IDT shares fell 38 cents to $12.88 in after-hours trading Tuesday. In the regular session, Net2Phone fell 24 cents, or 13%, to close at $1.55.