Shares of Rocket Companies (RKT) surged 5.21% in after-hours trading on Thursday following the release of its second-quarter earnings report, which exceeded analyst expectations. The mortgage lending giant reported adjusted earnings per share of $0.04, beating the consensus estimate of $0.03, despite a 33.33% decrease from the same period last year.
Rocket Companies' financial performance showed resilience in a challenging market environment. The company's adjusted revenue for Q2 came in at $1.34 billion, surpassing the analyst consensus estimate of $1.28 billion by 4.59%. This represents a 9.12% increase compared to the $1.23 billion reported in the same quarter of the previous year. The company also reported a net income of $34 million for the quarter.
Adding to investor optimism, Rocket Companies provided a robust outlook for the third quarter. The company expects adjusted revenue between $1.6 billion and $1.75 billion, significantly above analyst expectations of $1.5 billion. This guidance incorporates a full quarter of consolidated financial results from Redfin Corp, signaling potential growth opportunities ahead. The positive earnings report and strong forward guidance appear to have fueled investor confidence, driving the stock's after-hours rally.
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