Why Rocket Companies Stock Crashed Today
Shares of Rocket Companies (NYSE: RKT) fell 16.6% Thursday, following the release of the mortgage giant's first-quarter results.
Rocket's revenue soared 236% year over year to $4.6 billion. Its adjusted net income, meanwhile, surged 170% to $1.8 billion.
These impressive results were fueled by a 100% increase in closed loan origination volume, to $103.5 billion. Strong growth across the company's title insurance, property valuation, and settlement services also contributed to gains.
Source Fool.com
