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Uber's business got slammed by COVID-19. 2 key data points show just how ugly things have gotten.

Dara Khosrowshahi
Uber's second-quarter earnings report had good and bad news for the company. Getty
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Uber's second-quarter earnings report illustrated both the enormous challenges the coronavirus pandemic has created for the ride-hailing industry and the benefits of the company's diversified business model. Though Uber lost more money than Wall Street expected, its food-delivery operation more than doubled its revenue from the second quarter of 2020.

As is the case with many financial reports, your feelings about Uber's prospects may depend on the numbers you prioritize. Even if you narrow your focus to Uber's mobility business, is it more important that its adjusted profit fell by 90% from 2019, or that it managed to stay in the black despite a steep decline in the demand for rides?

Business Insider asked two financial analysts who follow the company to explain what they believe is the most important number in Uber's second-quarter earnings report. 

Here's what they said. 

Are you a current or former Uber employee? Do you have an opinion about what it's like to work there? Contact this reporter at mmatousek@bjinnox.com, on Signal at 646-768-4712, or via his encrypted email address mmatousek@protonmail.com.

73%

uber ohare airport chicago CHICAGO, ILLINOIS - APRIL 10: Travelers catch ride share vehicles at O'Hare Airport on April 10, 2019 in Chicago, Illinois. In response to the death of 21-year-old University of South Carolina student Samantha Josephson, the South Carolina House has approved a bill that would require Uber, Lyft and other ride sharing vehicles to have illuminated signs. Josephson was killed after climbing into a vehicle that she thought was her Uber ride. (Photo by Scott Olson/Getty Images)
Scott Olson/Getty Images

Uber's gross bookings (the amount of money it receives from passengers before paying drivers) for its mobility business declined 73% in the second quarter, compared to the same period last year. That number speaks to the magnitude of the challenge Uber has faced during a global pandemic that has made some potential customers fearful of using a ride-hailing service and reduced the need for commuting and business travel, said Dan Ives, a managing director of equity research at Wedbush Securities.

"That number just illustrates, as a data point, just how dark this COVID storm is for a company caught in the middle of it," he said.

$837 million

Dara Khosrowshahi Uber Reuters
Carlo Allegri/Reuters

On an adjusted basis, Uber lost $837 million before interest, taxes, depreciation, and amortization during the second quarter. Though the company's EBITDA was positive for its rides segment, and its loss in the delivery segment decreased from the second quarter of 2019, investors will over time increasingly focus on the company's overall profitability, said Tom White, an analyst at DA Davidson.

Overall profitability is important because it removes some of the questions investors might have about how Uber categorizes certain costs. For example, the EBITDA for Uber's mobility segment may fail to take into account some research-and-development costs that benefited the mobility business but were placed in a separate category on Uber's balance sheet, White said.

Uber did not immediately respond to a request for comment on Ives' or White's responses.

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I'm a senior transportation reporter at Insider covering electric vehicles, automated-driving technology, and ride-hailing. I joined Insider in October 2017 and previously worked as an intern at the St. Louis Post-Dispatch. I graduated from Washington University in St. Louis with degrees in film and media studies and business economics. You can follow me on Twitter @matousekmark and email me at mmatousek@bjinnox.com.  If you have sensitive information you'd like to share and don't feel comfortable sending it to my work email or via a direct-message on Twitter, you can contact me on the encrypted messaging app Signal at 646-768-4712 or email my encrypted address at mmatousek@protonmail.com. Here's some of my work: Uber insiders are divided over Dara Khosrowshahi's leadership, with some worried the company has become 'boring' and 'confused' about its future Nikola founder Trevor Milton convinced the world he was the next Elon Musk. Insiders say a history of lies brought the billionaire down. 17 hours a day, 7 days a week: Cruise-ship workers describe the grueling conditions they face on the job We talked to 42 insiders about Tesla's factory of the future. They revealed the corners cut to hit ambitious production targets. 70-hour weeks and 'WTF' emails: 42 employees reveal the frenzy of working at Tesla under the 'cult' of Elon Musk Tesla is transforming how cars are sold. But 27 insiders say the company's methods mean slashed pay and living under the constant threat of getting laid off. Uber insiders reveal how DoorDash stole its delivery crown and left Eats in the dust Uber's trying no-meeting Mondays to give employees a break from 'tiring' back-to-back meetings, a leaked email reveals Leaked email reveals a Tesla VP expressed concern about employees coming to work with COVID-19 symptoms Leaked document reveals Nikola flip-flopped on whether it would spend any of its $17 million of customer deposits to fund the Nikola One Insiders reveal Alibaba's Jack Ma sought a partnership with Canoo to build electric delivery vans, but the deal fell flat because the startup couldn't meet his aggressive timeline Leaked email from Elon Musk reveals the Model Y is experiencing production 'challenges' while passing the Model 3 as the top priority at Tesla's US car factory Leaked email and audio reveal Carnival-owned Holland America has struggled to give refunds to some customers Leaked documents reveal the severance packages laid off Carnival UK workers will receive Inside Tesla's overhaul plan for its sales and delivery teams to solve one of its toughest customer challenges