Gilbert's Rocket Companies swung to $481M loss in third quarter [Yahoo! Finance]
Rocket Companies, Inc. Class A (RKT)
Company Research
Source: Yahoo! Finance
Gilbert's Rocket Cos. swung to a $481 million loss in the third quarter on $647 million in total revenue, according to earnings results released late Tuesday. That performance compared with a modest $178 million profit the previous quarter, when total revenue was $1.3 billion. Rocket Cos.' CEO Varun Krishna was to explain the company's latest results later today at a 4:30 p.m. earnings call. Interest rates on mortgages have stayed relatively high in recent weeks, despite cuts by the Federal Reserve to its benchmark rate. The average rate on a 30-year, fixed-rate mortgage was 6.79% last week, according to the government-backed mortgage giant Freddie Mac. Rocket Cos. is the publicly traded corporate parent for multiple Gilbert businesses, the biggest being Rocket Mortgage, which is the nation's No. 2 mortgage lender by volume behind Pontiac-based United Wholesale Mortgage. United Wholesale Mortgage last week reported earning a net income, or profit, of just under $32 million
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