Rocket Revenue Surges on Mortgage Market Share Gains
Dow Jones
Aug 07
Rocket Companies reported higher second-quarter revenue as its market share in both purchase mortgages and refinancings rose.
The company posted net income of $229 million, up from $34 million the year prior. On a per-share basis, earnings were 8 cents a share, compared with a loss of 1 cent a share the year before.
Adjusted earnings were 16 cents a share, in line with analysts' expectations.
Revenue rose to $2.78 billion from $1.45 billion.
The company guided for third-quarter adjusted revenue of $2.5 billion to $2.7 billion.
"Rocket reached record levels of purchase and refinance market share in one of the toughest spring housing markets in years, while delivering our most profitable quarter in four years," said Chief Executive Varun Krishna.
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