Rocket Companies faces continued financial challenges with consecutive quarterly losses.
Originally Published 2 years ago — by Detroit News
Rocket Companies Inc., the parent company of Rocket Mortgage, reported a net loss of $411 million on net revenue of $666 million in Q1 2023, down from over $1 billion in profits on net revenue of nearly $2.7 billion a year ago. The company generated $17 billion in closed loan origination volume during the first three months of the year, down 68% from a year ago. Despite challenges in the housing inventory levels, Rocket executives see strong home-purchase demand and highlighted new offerings, including the new Rocket Visa Signature Credit Card. The company expects adjusted revenue of $850 million to $1 billion in Q2.