IDT Corp. Adj. Earnings Up; Shares Jump 27%

(RTTNews) - Shares of IDT Corporation (IDT) jumped 27 percent in after-hours trading after the company said its adjusted earnings for the fourth quarter increased from a year ago.

Revenues for the fourth quarter dropped to $392.6 million from $395.0 million last year.

IDT's fourth-quarter profit dropped to $8.2 million or $0.33 per share from $18.1 million or $0.74 per share last year.

Adjusted earnings for the quarter were $0.40 per share, up from $0.33 per share last year.

CEO Shmuel Jonas said, "The fourth quarter overall was consistent with recent trends, but our top and bottom lines were positively impacted by the growth in our early stage businesses. The resilience in many of our core offerings also collectively increased profitability despite facing industry-wide headwinds for paid voice minutes."