Meaning of the word skyrocketed in English

What does skyrocketed mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

skyrocketed

US /ˈskaɪˌrɑːkɪtɪd/
UK /ˈskaɪˌrɒkɪtɪd/

Verb

increased very rapidly and to a very high level

Example:
The company's profits skyrocketed after the new product launch.
Housing prices have skyrocketed in recent years.