Rocket Companies (NYSE:RKT) earnings for the loan management company’s second quarter of 2020 have RKT stock on the move after markets closed on Wednesday. That’s due to it reporting revenue of $5.04 billion. This is much better than Wall Street’s estimate of $3.75 billion for the quarter.
Here’s what else is worth pointing out from the most recent Rocket Companies earnings report.
- Rocket Companies completed its initial public offering on Aug. 10 and doesn’t have EPS data prior to that.
- Revenue for the quarter comes in 437% higher than the $937.55 million reported in the same period of the year prior.
- Rocket Companies reported a net income of $3.46 billion in its current earnings report.
- That’s a massive increase compared to the company’s net loss of $53.98 million from the same time last year.
Jay Farner, CEO of Rocket Companies, said the following in the Q2 earnings report.
“Rocket Companies had a very strong second quarter, thanks to our team members’ hard work and dedication to our clients, as well as the incredibly scalable mortgage origination platform that allowed us to meet unprecedented demand. As a result, we were able to help more clients this quarter than any other in our 35-year history — all while more than 98% of our team members worked safely from their homes.”
Rocket Companies is expecting a net rate lock volume between $93 billion and $98 billion for Q3 2020. It’s also looking for a closed loan volume of between $82 billion and $85 billion during the quarter.
RKT stock was down 5.3% after-hours Wednesday and closed out normal trading hours up 2%.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.