Rocket Q2 Misses, Guides Below Estimates; Stock Drops 5%
RKT is trading near its 52-week low of $12.17 (5.2% above the low).
Summary
Rocket Companies reported Q2 revenue of $2.76 billion and EPS of 16 cents, both missing consensus estimates of $2.82 billion and 17 cents. The miss comes despite record market share and the most profitable quarter in four years, as the CEO cited the toughest spring housing market in years. Q3 revenue guidance of $2.5-$2.7 billion also fell short of the $2.84 billion analyst estimate. Shares dropped 5.1% in after-hours trading. This follows the earlier headline of surging revenue, but the miss and weak guidance shift the narrative to near-term headwinds.
At the time of this announcement, RKT was trading at $12.80 on NYSE in the Finance sector, with a market capitalization of approximately $37.4B. The 52-week trading range was $12.17 to $24.36. This news item was assessed with negative market sentiment and an importance score of 9 out of 10. Source: Benzinga.