Saudi IT firm solutions by stc posts higher profit of $228m as revenues jump 

Saudi IT firm solutions by stc posts higher profit of $228m as revenues jump 
Saudi IT firm solutions by stc posts higher profit of $228m as revenues jump 

Thank you for reading the news about Saudi IT firm solutions by stc posts higher profit of $228m as revenues jump  and now with the details

Jeddah - Yasmine El Tohamy - LONDON: The euro on Wednesday jumped back above parity with the dollar, the US currency sliding against its main rivals on concerns over the world’s biggest economy.

The euro bounced back above one dollar for the first time since mid-September, helped also by expectations of a big interest rate hike from the European Central Bank on Thursday.

There were large gains against the dollar also for the British pound and yen, helping them to recover some ground after recent sharp losses.

The dollar retreated following “a string of negative (US) economic data released since the beginning of the week,” noted ActivTrades senior analyst Ricardo Evangelista.

Poorly received data, including slower house price growth and weaker consumer confidence, showed that big rate hikes from the Federal Reserve are “starting to open some cracks in the American economy,” he said.

“The Federal Reserve has been hiking rates aggressively in an attempt to bring inflation under control, and the country’s economy is starting to suffer as a result,” Evangelista added.

Sterling on Wednesday jumped more than one percent against the dollar, winning a boost also from markets welcoming the appointment of Rishi Sunak as prime minister.

The move was seen as offering stability to the UK economy after weeks of upheaval fueled by predecessor Liz Truss’s tax-cutting budget.

The dollar also slumped against the yen following recent 32-year highs, as the Bank of Japan holds off from raising interest rates.

Stock markets were mostly lower Wednesday as traders digested another batch of earnings from some of the world’s biggest companies.

Banks are enjoying large profits as interest rates rise but there are concerns over bad loans, as the global economy is threatened by possible recession.

Shares in Barclays fell 0.7 percent despite the British bank announcing a 10-percent jump in quarterly net profits.

Google parent Alphabet meanwhile reported quarterly earnings that fell short of market expectations as belts tightened in the digital ad market that drives its revenue.

Alphabet shares slipped 6.8 percent to $97.35 in after-market trades that followed the release of the earnings report.

They opened down 8.5 percent.

“When Google stumbles, it’s a bad omen for digital advertising at large,” said Insider Intelligence analyst Evelyn Mitchell.

“This disappointing quarter for Google signifies hard times ahead if market conditions continue to deteriorate.”

Wall Street opened lower, with the Dow shedding 0.1 percent.

But the tech-heavy Nasdaq fell 2.1 percent at the start of trading, dragged down by Alphabet and shares in Microsoft, which tanked 7.9 percent after the company also reported results late on Tuesday.

In afternoon trading in Europe, both London and Paris were lower, while Frankfurt was holding on to a marginal gain.

In recent weeks, stocks have surged higher when the dollar and bond yields pulled back on economic news that could give the Fed reason to pause its interest rate hikes.

Analyst Patrick O’Hare at said it was unclear whether the downgraded earnings estimates being released by companies would prompt investors to recalibrate their equity portfolios or move out of stocks.

“Today will be a test of sentiment and a gauge of how much the weakening fundamental outlook has been priced into the broader market already,” he said.


These were the details of the news Saudi IT firm solutions by stc posts higher profit of $228m as revenues jump  for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at Arab News and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

NEXT Saudi Arabia, China discuss collaboration in urban development during Beijing meeting

Author Information

I am Joshua Kelly and I focus on breaking news stories and ensuring we (“Al-KhaleejToday.NET”) offer timely reporting on some of the most recent stories released through market wires about “Services” sector. I have formerly spent over 3 years as a trader in U.S. Stock Market and is now semi-stepped down. I work on a full time basis for Al-KhaleejToday.NET specializing in quicker moving active shares with a short term view on investment opportunities and trends. Address: 838 Emily Drive Hampton, SC 29924, USA Phone: (+1) 803-887-5567 Email: [email protected]