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Qualcomm and Intel veteran Shawn Malhotra comes to Rocket from Thomson Reuters where, as head of engineering, he helped the global media giant develop a cloud-based, API-driven generative AI platform.
On its quest to reclaim the title of nation's biggest mortgage lender, Rocket didn't sacrifice profits, generating $291 million in net income as revenue grew 107 percent from a year ago, to $1.38 billion.
RKT earnings call for the period ending March 31, 2024.
Rocket Companies delivered a $291 million profit in Q1 2024 by reducing costs and increasing investments in artificial intelligence.
The Detroit-based lender unveiled "Rocket Logic" on Tuesday, an AI-fueled platform that can glean insights from 10 petabytes of proprietary data.