Earnings

Quicken Loans parent swings to profit in first results since IPO

[ad_1]

The Rocket Mortgage by Quicken Loans app is displayed on a smartphone Aug. 6, 2020.

Gabby Jones | Bloomberg via Getty Images

Rocket Companies, the parent of mortgage lender Quicken Loans, swung to a quarterly profit in its first results as a public company on Wednesday, driven by higher borrowings on the back of lower interest rates.

Shares of the company were last down 5% in volatile trading after the bell. They have gained 45.5% since their debut on Aug. 6.

The company, founded by billionaire Dan Gilbert, raised $1.8 billion in its downsized initial public offering, giving it a valuation of $36 billion.

Rocket’s quarterly net revenue rose to $5.04 billion from $937.5 million in the second…

[ad_2]

Source cnbc.com

Forex News
Forex, also known as foreign exchange, FX or currency trading, is a decentralized global market where all the world's currencies trade. The forex market is the largest, most liquid market in the world with an average daily trading volume exceeding $5 trillion.

    IPO shares are up a surprising 60% this year with a number of big debuts expected ahead

    Previous article

    Tesla is dropping again, bringing three-day loss to 17%

    Next article

    Comments

    Leave a reply

    Your email address will not be published. Required fields are marked *