IDT Corp (IDT) shares tumbled 5.82% in after-hours trading on Thursday, following the release of its third-quarter earnings report. The significant drop suggests that the financial results may have fallen short of investor expectations, despite posting positive numbers.
According to the earnings release, IDT reported a Q3 EPS of $0.86, with an adjusted EPS of $0.90. The company's operating income for the quarter stood at $27 million, while adjusted EBITDA reached $32 million. These figures, while seemingly robust, appear to have failed to impress investors, leading to the sharp decline in stock price.
In addition to the earnings report, IDT also announced a quarterly cash dividend of $0.06 per share, payable on June 18 to shareholders of record as of June 9. However, this dividend announcement, which maintains the previous payout level, did not seem to mitigate the negative reaction to the earnings report. The after-hours plunge may indicate that market participants were anticipating stronger results or more favorable forward guidance from the company.
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