Business is booming.

Rocket surpasses revenue estimates amid sluggish homebuying market

Rocket Cos. (Rocket) has announced its second-quarter earnings, surpassing expectations despite a slowdown in the housing market caused by higher mortgage rates, as reported by Bloomberg.

The Detroit-based company, known as one of the largest mortgage providers in the US, reported an adjusted revenue of approximately $1 billion for the period, which was slightly lower than the same quarter the previous year but still better than analysts had predicted. Moreover, the company’s closed-loan origination volume reached an impressive $22.33 billion, exceeding initial forecasts. 

Rocket is also going through a leadership transition, with Varun Krishna, a former executive from Intuit Inc., set to take over as chief executive officer on September 5, succeeding interim CEO Bill Emerson, who will assume the roles of president and chief operating officer.

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