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Jun 30, 2023
Rocket Companies Q2 2023 Earnings Report
Rocket Companies reported mixed results for Q2 2023, with net income exceeding expectations but adjusted revenue slightly below prior year. The company announced a new CEO and is implementing cost-saving measures.
Key Takeaways
Rocket Companies reported a net revenue of $1.236 billion and a net income of $139 million for Q2 2023. Adjusted revenue was $1.002 billion, exceeding the high end of the guidance range. The company is implementing cost reduction measures expected to yield $150 to $200 million in annualized savings.
Total revenue, net was $1.236 billion and net income was $139 million, or $0.05 cents per diluted share.
Adjusted revenue was $1.002 billion and adjusted net loss of $33 million, or an adjusted loss of $0.02 cents per diluted share.
Rocket Mortgage generated $22 billion in mortgage origination closed loan volume with a gain on sale margin of 2.67%.
Total liquidity was approximately $8.6 billion as of June 30, 2023.
Rocket Companies
Rocket Companies
Rocket Companies Revenue by Segment
Revenue by Segment
Direct to Consumer Revenue
CapyFin.comPartner Network Revenue
CapyFin.com Forward Guidance
In Q3 2023, the company expects adjusted revenue of between $850 million to $1.0 billion.