Rocket Companies Earnings Plunge 94% In 2Q
Summary
"In the second quarter alone, Rocket Companies introduced new lending programs, forged new mortgage partnerships, officially launched our solar business, and expanded our brand deeper into Canada. Still, the company was forced to significantly reduce expenses, which included offering a buyout to employees in April in a bid to cut its workforce by 8%. "During this time of change in the industry, we are focused on operating our business with discipline,” Booth said, adding that Rocket “will continue to execute a prudent approach to cost management." Farner said Rocket Money, formerly known as Truebill – a leading personal finance app the company acquired in December – again “showed impressive growth. Paying premium members surpassed 2 million users in July, more than doubling year-over-year.” Rocket Money also launched its first credit card in beta in the second quarter, “and has seen a very positive early response,” he said.