Shares of Rocket Companies (RKT) surged 10.09% in pre-market trading on Friday, February 28, 2025, as the fintech platform for mortgage, real estate, and personal finance services reported impressive fourth-quarter 2024 earnings and provided an optimistic outlook for 2025.
Rocket Companies posted a 34% year-over-year increase in adjusted revenue for Q4 2024, reaching $1.2 billion, driven by robust growth in mortgage origination volume. The company's net rate lock volume surged 47% year-over-year to $24 billion, reflecting its expanding market share in the purchase and home equity loan segments.
For the full year 2024, Rocket Companies achieved a 30% year-over-year increase in adjusted revenue to $4.9 billion, fueled by innovative product offerings, strengthened wholesale partnerships, and significant growth in its home equity loan product. The company's adjusted EBITDA margin improved to 18%, up from 2% in the previous year.
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