App-based ride share company Uber posted its largest quarterly loss ever of $5.2 billion.

The loss covers the three-month period ending in June.

CEO Dara Khosrowshahi still argues that Uber is still on the right track– and– its business model “is absolutely sustainable.”

Khosrowshahi told CNN Uber was still on target on its planned trajectory, with its business growing 30-plus percent on a global basis.”

Khosrowshahi previously headed the online travel site, Expedia, before he replaced Uber’s co-founder Travis Kalanick, who resigned as CEO in 2017 after a string of scandals.

The new CEO told CNN, “Anytime you have a business that has the kind of market size of trillions of dollars in terms of transportation and food and global commerce, it makes sense for a company to invest,” referencing Uber’s ride share business and food delivery unit.

The losses include $1.3 billion in stock-based compensation relating to its IPO, roughly 50 percent higher than the previous year.

Uber’s stock has dropped roughly 30 percent since the company went public in May.

The company still raised $8.1 billion for its IPO– one of the largest public offerings in history.

Khosrowshahi argues that independent contractors who work for Uber “should get health care” and “should have minimum earnings.”

This comes after Uber laid off 400 workers this summer, one third of its marketing department, and dismissed another 435 from its product and engineering departments last month.