Photo: Julian Stratenschulte/picture alliance via Getty Image

Vroom, a New York City-based online marketplace for used cars, has filed to go public on the Nasdaq under the ticket symbol "VRM."

Why it matters: Vroom's move comes at a time when many other tech companies are holding off on their big public market debut.

Financials: The company is not profitable. For the year ended Dec. 31, 2019, it saw a net loss of $142.8 million on $1.2 billion in total revenue. The previous year, Vroom had a net loss of $84.95 million on $855.4 million in revenue.

Impact from COVID-19:

  • Between March 11 and March 31, Vroom saw a 15% decrease in total e-commerce revenue because of lower consumer demand compared to the 20 days prior.
  • Due to inventory price reductions that began in late March, the company says customer demand returned to pre-COVID-19 levels, though sales were at a greatly reduced gross profit per unit. On April 20, the company began acquiring new inventory from both auctions and consumers, with a focus on high-demand models.
  • As of May 3, about one-third of Vroom's workforce has been furloughed, and it has also instituted salary reduction for non-furloughed salaried employees.

The big picture: As regions begin to ease coronavirus restrictions, some experts predict an uptick in personal car usage amid ongoing concerns about taking public transit and ride-hailing services.

Go deeper

Jul 30, 2020 - Technology

Apple crushes earnings expectations

Tim Cook, kicking off Apple’s September 2018 event. Photo: Apple

Apple on Thursday handily beat expectations for quarterly sales and earnings and announced a 4-for-1 stock split.

Why it matters: The move comes a day after Congressional hearings and as other Big Tech firms also turned in stellar reports.

The transformation of the Fed

Illustration: Eniola Odetunde/Axios

The Federal Reserve is undergoing an overhaul. Conceived to keep inflation in check and oversee the country's money supply, the central bank is now essentially directing the economy and moving away from worries about rising prices.

What we're hearing: The move to act less quickly and forcefully to tamp down on inflation has been in the works for years, but some economists fear that the Fed is moving too far from its original mandate.

36 mins ago - Sports

The college football season is on the brink

Illustration: Eniola Odetunde/Axios

Power 5 commissioners held an emergency meeting on Sunday to discuss the growing concern that fall sports can't be played because of COVID-19.

Driving the news: The Mid-American Conference on Saturday became the first FBS league to postpone fall sports and move them to the spring, and there are rumblings that Power 5 conferences are ready to follow suit.