IDT Corp. (NYSE: IDT) reported Q3 EPS of $0.08, versus $0.20 reported last year. Revenue for the quarter came in at $321.3 million, versus $341.3 million reported last year.

3Q FY20 HIGHLIGHTS (Results are for 3Q20 and are compared to 3Q19)

• In response to the COVID-19 pandemic, IDT employees world-wide safely transitioned to work from home.
• COVID-19 had a mixed financial impact during the quarter with BOSS Revolution customers making longer phone calls, sending an increased number of mobile top-ups, and executing more money remittances online. Conversely, sales originating through retailers and channel partners slowed in March and April before beginning to rebound after the quarter close. Carrier Services revenue was impacted by the closure of corporate offices and the decline of commerce globally.
• Consolidated revenue decreased 5.8% to $321.3 million. Declines in Carrier Services and BOSS Revolution Calling revenue were partially offset by increased sales of Mobile Top-Up and revenue generated by IDT's growth initiatives.
• Consolidated revenue-less-direct-cost-of-revenue increased 6.9% to $62.5 million, the third consecutive year-over-year quarterly increase. IDT's higher-margin growth initiatives have been contributing a steadily increasing share of consolidated revenue, and the resulting increase in their margin contribution has more than offset the declining contribution of IDT's lower-margin core offerings.
• net2phone-UCaaS seats increased 54% to 137,000 as of April 30, 2020 as subscription revenue increased 34.6% to $7.7 million. During the quarter, net2phone introduced an integration of its cloud communications offering with Microsoft Teams and a secure video conferencing solution, Huddle (in beta).
• BOSS Revolution Money Transfer revenue increased 94.6% to $11.8 million on increased transaction volumes and favorable foreign exchange market conditions.
• NRS served 8,800 active retailers on April 30, 2020, an increase from 7,200 a year earlier. NRS' revenue increased 87.9% to $2.9 million.

REMARKS BY SHMUEL JONAS, CEO"Our team did an incredible job of rapidly transitioning to work from home, and we did not miss a beat during this terrible pandemic. I want to especially thank and recognize our frontline salespeople and delivery teammates for continuing to serve our retailers and channel partners throughout this challenging time.

"Results for the quarter were highlighted by the resilience of our business and by the increased contribution from our higher margin growth initiatives that more than offset the decrease in contribution from our lower margin core offerings.

"Across all of our businesses, we are very focused on adapting to meet the evolving needs of our customers as the pandemic plays out. Our team has done a very good job being responsive and meeting the challenge thus far. However, we remain mindful that current economic conditions, if enduring, will create additional hardship for many of our customers over the coming months."

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