Rocket Companies, the parent of Rocket Mortgage, lost money in 2023, but executives have expressed confidence about a big turnaround by touting investment in artificial intelligence (AI) to accelerate the company’s profitability.
Despite reporting a GAAP net loss of $390 million in 2023, investors seem to be sold on the company’s path towards Rocket’s “AI-fueled homeownership strategy,” a phrase repeatedly used by executives in a fourth-quarter earnings call on Thursday.
Rocket’s stock price rose to $11.75 per share at market open on Friday, up from $10.98 per share at market close the day before.
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