HomeMarket NewsSmall CapsRocket Companies Stock: Q3 Earnings Beat Expectations but Q4 Guidance Falls Short

Rocket Companies Stock: Q3 Earnings Beat Expectations but Q4 Guidance Falls Short

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Rocket Companies, Inc.Β RKT shares experienced volatility in the after-hours trading session following the release of the company’s Q3 earnings results. Here’s what you need to know.

Strong Q3 Performance

Rocket Companies reported quarterly earnings of four cents per share, surpassing expectations of a loss of two cents per share.

The company recorded $1.002 billion in revenue, outperforming the estimated $975.54 million, representing an approximately 11% year-over-year increase.

Additionally, Rocket Companies achieved $22.2 billion in mortgage origination closed loan volume. Notably, it marked the third consecutive quarter in which the company experienced a gain on sale margin increase, reaching 2.76%.

Lower Q4 Guidance

Rocket Companies provided guidance for Q4, estimating revenue to fall between $650 million and $800 million compared to the consensus estimate of $948.56 million.

CEO Varun Krishna expressed pride in the team’s ability to deliver strong results despite challenging economic conditions. He emphasized the importance of innovation and the company’s position to revolutionize homeownership through AI and data analytics.

Related Link: What’s Going On With V.F. Corporation Stock?

Stock Price Movement

Following the after-hours earnings release, Rocket Companies’ stock (RKT) showed a 1.85% increase to $7.95, according to Benzinga Pro.

Keywords:

1. Rocket Companies
2. Q3 earnings
3. Q4 guidance
4. Mortgage origination
5. Varun Krishna

Document Sentiment: 9.3/10
Sentence Sentiment: 9.6/10

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