Rocket posts first-quarter profit as revenue climbs
Updated
Updated · MarketWatch · May 7
Rocket posts first-quarter profit as revenue climbs
10 articles · Updated · MarketWatch · May 7
The Detroit mortgage lender reported net income of $297 million, or 10 cents a share, on $2.94 billion in revenue, beating FactSet analyst estimates on both measures.
Rocket said last year's Mr. Cooper and Redfin acquisitions expanded servicing income and lead generation, while home equity and jumbo loan volumes more than doubled from a year earlier.
The company forecast second-quarter revenue of $2.7 billion to $2.9 billion, as Redfin separately reported US pending home sales at their highest since autumn 2022.
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