Financial Morning Summary | Saudi Re Q1 Profit Up 32%, Nice One Profit Drops 64%; QCOM, GOOG Rise Post-Earnings, MSFT, META Slide; Fed Holds Rates
Tadawul All Shares Index TASI.SA | 0.00 | |
SAUDI ARAMCO 2222.SA | 0.00 | |
Dow Jones Industrial Average DJI | 0.00 | |
S&P 500 index SPX | 0.00 | |
NASDAQ IXIC | 0.00 |
Most Important News
- Fed Holds Rates as Four Officials Dissent;
- Saudi Re Q1 2026 Profit Up 32% to SAR 46.7M;
- Nice One Q1 Profit Drops 64% on Revenue Decline;
- QCOM, GOOG, AMZN Rise Post-Earnings, MSFT, META Slide
At the close of 29/04/2026, the Saudi Arabia's benchmark index Tadawul All Shares Index(TASI.SA) gained 0.5%, led by a 2.4% rise in Saudi Telecom Company 7010.SE as the firm reported a rise in quarterly profit. Oil major Saudi Arabian Oil Co.(2222.SA) added 0.4%.
The Dow Jones Industrial Average ended Wednesday lower as oil prices continued their rally amid a U.S. blockade of Iranian ports and after the Federal Reserve left its key interest rate unchanged. Traders also awaited quarterly earnings from four of the “Magnificent Seven.”
The 30-stock index Dow Jones Industrial Average(DJI.US) fell 280.12 points, or 0.57%, to close at 48,861.81 and notch a fifth straight losing day. The S&P 500 index(SPX.US) inched down 0.04% to close at 7,135.95, while the NASDAQ(IXIC.US) Composite crept up 0.04% to 24,673.24.
Fed Holds Rates as Four Officials Dissent, Signaling Deep Policy Rift
The Fed kept rates unchanged as expected, but dissenters grew from one to four members. Governor Milan favored a 25bp cut, while three regional presidents opposed easing and rejected dovish language in the statement. The central bank cited Middle East tensions and rising energy prices as key drivers of high inflation, adding to policy uncertainty. The rare split—the largest since 1991—revealed sharp internal divisions over the future rate path.
Trump Says US and Iran in Phone Talks, Demands Nuclear Weapon Abandonment
President Trump announced that the U.S. and Iran are engaged in direct telephone negotiations, with Iran's complete abandonment of nuclear weapons as a precondition. Pakistan continues to serve as mediator, though Trump said he no longer plans to send a U.S. delegation there. The president noted some progress has been made, but key differences remain over Tehran's concessions.
KSA Stocks
Nice One Q1 Profit Drops 64% on Revenue Decline
Nice One Beauty Digital Marketing Co.(4193.SA) reported Q1 2026 net profit of 8.6 million riyals, down 64% year-on-year, as revenue fell 8.9% to 296 million riyals due to seasonality and tougher competition. On a positive note, operating profit turned positive to 10.8 million riyals from a loss of 24.4 million in Q4 2025, driven by improved selling and marketing efficiency, while administrative investments for growth continued.
Bahri Q1 Profit Surges 303% to SAR 2.15B on Higher Freight Rates
Saudi shipping giant National Shipping Company of Saudi Arabia(4030.SA) reported a 303% year-on-year jump in Q1 2026 net profit to 2.15 billion riyals, driven by higher revenue across its crude and chemical tanker segments amid increased operations and rising global freight rates. Sequentially, profit soared 119% from 977.7 million riyals in Q4 2025.
First Mills Q1 Profit Edges Up 1% to SAR 80.1M on Revenue Growth
First Milling Co.(2283.SA) reported Q1 2026 net profit of 80.1 million riyals, up 1% year-on-year, driven by a 17.3% revenue rise to 332.8 million riyals. Growth came from expansion in the feed segment, strong flour sales, and a favorable product mix. Higher raw material costs and general expenses partially offset gains. Sequentially, revenue edged down 1.8% due to normalized bran revenues following a strong Q4 2025.
Sumou to Develop 149 Villas in Makkah's Al Dhahiya Project
Sumou Real Estate Co.(4323.SA) signed an agreement to manage superstructure development of the 149-villa Al Dhahiya Residence project in Makkah in partnership with Al Dhahiya Real Estate Development and Investment Co. Sumou will receive development fees equal to 10% of total project costs.
Saudi Re Q1 2026 Profit Up 32% to SAR 46.7M
Saudi Reinsurance Co.(8200.SA) reported a net profit of SAR 46.7 million for Q1 2026, an increase of 32% compared to SAR 35.4 million in Q1 2025.
USA Stocks
Google Q1 Revenue Soars 22% on AI Strength, Cloud Jumps 63%
Alphabet Inc. Class C(GOOG.US) reported Q1 revenue of $109.9 billion, topping estimates, with net income surging 81% to $62.6 billion. The beat was fueled by record search volume and a 63% jump in cloud revenue. Gemini paid monthly active users rose 40% sequentially, and cloud backlog nearly doubled to over $460 billion. CEO Pichai said "AI is lighting up every corner" of the business. Shares jumped 7% after hours.
Amazon Q1 Sales Accelerate on Cloud Strength, Capex Surges
Amazon.com, Inc.(AMZN.US) 's Q1 revenue rose 17% year-over-year, beating expectations, while operating margin hit a record 13%. Net income jumped 77%, largely due to a $16.8 billion pretax gain from its Anthropic investment. AWS revenue grew 28%, marking the fastest pace in nearly two years. Capital expenditures over the past 12 months rose 160% year-over-year. Shares gained over 3% after hours.
Meta Q1 Beats Estimates but Shares Fall 7% on Capex Hike
Meta Platforms(META.US) reported Q1 revenue of $56.3 billion, up 33% and slightly above forecasts, with net income jumping 61% to $26.8 billion. The strong results were overshadowed by a sharp increase in full-year capital expenditure guidance to $125–145 billion, driven by higher hardware component prices. The outlook triggered investor concerns over rising costs and AI spending intensity.
Microsoft Q3 Cloud Beats, Capex Unexpectedly Slows
Microsoft Corporation(MSFT.US) 's Q3 revenue rose 18% year-over-year, beating estimates, with Azure revenue up 40% — slightly ahead of expectations. AI annualized revenue surpassed $37 billion, up 123%. However, capital expenditure growth slowed to 49% from 66% in the prior quarter, and Intelligent Cloud margins contracted 1.8 percentage points. Weakness in Windows and Xbox dragged down personal computing revenue by 1%. Shares fell over 3% after hours.
Qualcomm Q2 Beats as CEO Sees Bottom; Phone Chips Slip 13%
QUALCOMM Incorporated(QCOM.US) reported Q2 revenue of $10.6 billion, up 3% year-over-year, and EPS of $2.65, both beating estimates. Auto and IoT segments outperformed, but handset chip revenue fell 13% amid memory shortages. The CEO signaled a bottoming in end markets, though Q3 guidance missed expectations. Shares rose nearly 14%, reflecting optimism over data center diversification.
