in the previous year. Revenue dropped by $1.7 billion. More layoffs and expense reductions to continue
"We have seen a seismic shift to a smaller mortgage market." Yeah, I guess that would be an understatement.
The largest online lender in the country was barely profitable in the most recent quarter and projects that things are going to get worse. They are not "hoping and praying" but are laying off more employees, slashing expenses across the board and counting paper clips to save money. Its stock is down to $9 per share.
http://www.freep.com/story/money/2022/08/04/rocket-companies-small-profit-cost-cuts/10234066002/
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