Rocket Cos. Shares were plunging in premarket trading Thursday, despite following the company’s first quarter positive earnings. The company had its IPO last month.
The parent company of mortgage-lending giant Quicken Loans reported earnings of $3.5 billion (compared to a loss of -$54 million in the year-ago period). Adjusted earnings before interest, taxes, depreciation and amortization were $3.8 billion.
Quarterly revenue came in at $5 billion.
The company’s closed origination volume in the quarter was a record $72.3 billion, a +126% surge year-over-year.
Rocket posted net-rate lock volume of $92 billion, up +170% from the year ago period. It expects third-quarter net rate lock volume in the range of $93 billion to $98 billion.
a company, which engages in the provision of a suite of services related to homeownership and other personal financial transactions
Industry FinanceRentalLeasing