IDT Announces Disappointing 3rd Quarter Results

On Wednesday IDT announced their 3rd quarter results and the picture looked bad. Their net loss, 15.9 million, was nearly double that of Q3 from 1 year ago (8.6 million). Revenue was announced at $485.4 million down from $547.2 million 1 year ago.

This seems to have caught many off guard as most analysts, who up until Wednesday had IDT stock as "hold," quickly changed their recommendations to "sell." While IDT officials kept up beat and political during the announcement, they drew no detailed plans of how they were going to turn the company around. Instead they kept blaming the poor performance on "the unfair business practices" of other calling card companies, a point of contention for them and the subject of an ongoing lawsuit.

The reality is, that unless IDT figures out how to be something other than a phonecard company, they are in for disappointing quarter after quarter.

To read the full details of the announcement go here: IDT Third Quarter Results