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Short Take: IDT reports earnings in line for second quarter

IDT, a telecom services provider, reported second quarter earnings that fell in line with Wall Street consensus estimates. The company, which also offers Net telephony services through Net2Phone, earned $2.1 million, or 6 cents per share, compared with $3.2 million, or 12 cents a year ago. Revenue for the quarter rose 126 percent to $160.7 million, from $71 million in the year-ago period. In the quarter, IDT signed pacts with European telecom leaders France Telecom and Deutsche Telekom for fiber optic connections. Telecom revenue grew to $149.2 million, from $63 million in the 1997 quarter.

IDT, a telecom services provider, reported second quarter earnings that fell in line with Wall Street consensus estimates. The company, which also offers Net telephony services through Net2Phone, earned $2.1 million, or 6 cents per share, compared with $3.2 million, or 12 cents a year ago. Revenue for the quarter rose 126 percent to $160.7 million, from $71 million in the year-ago period. In the quarter, IDT signed pacts with European telecom leaders France Telecom and Deutsche Telekom for fiber optic connections. Telecom revenue grew to $149.2 million, from $63 million in the 1997 quarter.