Rocket profits, loan volumes drop sharply from previous year levels

Detroit — Rocket Cos. Inc., the parent company of mortgage giant Rocket Mortgage, posted third-quarter profit, revenue and closed-door earnings growth amid a slowdown in the mortgage industry due to aggressive interest rate hikes by the US Federal Reserve (Fed). Loan volumes dropped sharply from the previous year’s levels. Decades of curbing high inflation.

Rocket Cos. announced Thursday that it generated a net profit of $96 million on revenue of $1.3 billion in the third quarter. This is down 93% and 58% respectively from Q3 2021. From $88 billion a year ago. Profit on sale was 2.69%, down from 3.05% a year ago.

Company’s stock After Thursday’s market close, the stock fell about 6.5% to close at $6.51 per share. The results beat analyst revenue expectations but fell short of earnings per share expectations.

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