Uber CEO Dara Khosrowshahi called the company’s staggering $5.2 billion loss in the second quarter a “once-in-a-lifetime” hit as he tries to steer it toward profitability.

In an interview with CNBC’s David Faber and Jim Cramer on Friday, Khosrowshahi shed light on the company’s second-quarter earnings report, in which Uber fell short of analysts’ expectations for both the top and bottom lines. The stock plunged 6.8%.

Khosrowshahi said he’s targeting 30% revenue growth in the back half of the year, compared with net revenue growth of 26% in the second quarter. He added that spending will increase, but it will decline as a percentage of revenue.

“I think we’ve got very good visibility into our own business as far as the business model and how we can tweak it and how we can drive more efficiency,” Khosrowshahi said. “We think we can not only survive, but we can really thrive in this business.”

Khosrowshahi pushed back on fears that Uber has lost its “founder mentality” after Travis Kalanick, known for his growth-at-all-costs approach, resigned as CEO of the company in 2017.