Rocket Q2 Misses Estimates: 'Toughest Spring Housing Market in Years,' CEO Says

Benzinga Earnings08-07 05:40

Rocket Companies Inc. (NYSE:RKT) posted its second-quarter results after Thursday’s closing bell, missing analyst estimates on the top and bottom lines. Here’s a look at the details inside the report.

RKT stock is moving. Watch the price action here.

Rocket Q2 Details

Rocket reported quarterly earnings of 16 cents per share, which missed the Street estimate of 17 cents, according to Benzinga Pro data.

Quarterly revenue came in at $2.76 billion, missing the consensus estimate of $2.82 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 Varun Krishna, CEO of Rocket Companies.

“We’ve spent the last several years building a fundamentally different company. Home search, origination and servicing now reinforce one another, with AI making every interaction smarter,” Krishna added.

Read Also: The Trade Desk Stock Craters on Q2 Earnings — Here's Why

Looking Ahead

Rocket Companies sees third-quarter revenue in a range of $2.5 billion to $2.7 billion, versus the $2.84 billion analyst estimate.

RKT Stock Price Activity: According to data from Benzinga Pro, Rocket stock was down 5.1% to $12.55 in Thursday’s extended trading.

Photo: Shutterstock

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