Rocket Companies (RKT) Beats Q2 Earnings and Revenue Estimates

Core Insights - Rocket Companies (RKT) reported quarterly earnings of $0.06 per share, exceeding the Zacks Consensus Estimate of $0.05 per share, and showing improvement from a loss of $0.02 per share a year ago, resulting in a 20% earnings surprise [1] - The company achieved revenues of $1.3 billion for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 5.96% and reflecting a year-over-year increase from $1.24 billion [2] - Rocket Companies has consistently surpassed consensus EPS estimates over the last four quarters, indicating a positive trend in earnings performance [2] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.09 on revenues of $1.36 billion, while the estimate for the current fiscal year is $0.30 on revenues of $5.21 billion [7] - The estimate revisions trend for Rocket Companies has been unfavorable ahead of the earnings release, resulting in a Zacks Rank 4 (Sell), suggesting expected underperformance in the near future [6] Market Performance - Rocket Companies shares have increased approximately 11.8% since the beginning of the year, compared to a 15.8% gain in the S&P 500 [3] - The performance of Rocket Companies may be influenced by the overall outlook for the Technology Services industry, which is currently ranked in the top 38% of Zacks industries [8]