Rocket Companies Stock Sinks as High Mortgage Rates Hurt Results, Outlook

Key TakeawaysRocket Companies had a big revenue miss and issued weak guidance as mortgage rates remain high.CEO Varun Krishna said even though the Federal Reserve cut interest rates, they didn't come down for home loans.CFO Brian Brown explained that Rocket expects the mortgage market in the current quarter to be smaller than it was in the third quarter. Rocket Companies (RKT) shares tumbled 10% Wednesday, a day after the online financial platform badly missed revenue estimates and gave soft guidance as the ...