Rocket Companies Inc RKT shares are down 6% in Thursday's after-hours session after the company reported mixed third-quarter financial results and issued guidance below analyst expectations.
Rocket Companies reported third-quarter revenue of $1.29 billion, which beat average analyst estimates of $1.07 billion, according to Benzinga Pro. The company reported a quarterly net loss of 8 cents per share, which missed average estimates for a loss of 3 cents per share.
"We are actively investing in the Rocket Platform to attract more consumers, lift conversion and lower client acquisition cost. This week, we launched Rocket Rewards, our new loyalty program and a key component of our platform. We expect our new offerings and investments to unlock the true growth potential and scale of Rocket," said Jay Farner, vice chairman and CEO of Rocket Companies.
Rocket expects fourth-quarter adjusted revenue to be between $600 million and $750 million versus average estimates of $1.09 billion.
Closed loan volume is expected to be between $17 billion and $22 billion and net rate lock volume is expected to be between $15 billion and $21 billion.
RKT Price Action: Rocket has a 52-week high of $15.26 and a 52-week low of $5.97.
The stock was down 5.99% in after hours at $6.12 at time of publication.
Photo: Erik Drost from Flickr.
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