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Updated 2 p.m. March 1 For the first time since Rocket Companies Inc. went public in August 2020, the Detroit-based fintech platform company reported a quarterly loss.
In Jay Farner's last earnings call as CEO, management emphasized long-term client development efforts like the forthcoming credit card program.
Rocket Companies still did $700 million in net profits for 2022, well below its $6 billion in profits the year before.
Having suffered a net loss of $197 million in the fourth quarter, Rocket Companies has lost about $363 million over the last two quarters. And a new CEO must be found.
Rocket Companies Inc. saw full-year 2022 profits slide 88% from the year prior.