Despite the troubles that the economy went through due to the coronavirus pandemic, the mortgage refinancing industry continued to boom and that brings us to the subject of Rocket Companies (NYSE: RKT).
Rocket Companies, which is involved in the industry, announced yesterday that its mortgage business generated record revenues in 2020. Due to the boom last year, Rocket generated revenues of as huge as $15.7 billion in 2020. It was a staggering rise from the $5.1 billion in revenues that the company generated back in 2019.
However, that is not all. The mortgage lender managed to generate profits of as big as $9.1 billion in the year. Hence, it came as no surprise that the Rocket stock jumped by as high as 8% in pre-market trading. That being said, it could be a good idea to keep an eye on the stock this morning. Considering the record-breaking performance of the company, the stock is likely to be in focus among investors today.