It was subsidising rides, just look at the steady increase in prices, reduction in quality, while the drivers are still paid peanuts. Is this a sustainable model? We don't know, it's the first time ever a profit has been posted, what was the cost of acquiring this profit? Will it drive ridership down (due to aforementioned quality and price issues)?

You are expecting that because a profitable quarter happened, that it will continue to happen. It might as well not if the changes to bring this profit create a lot of churn, anecdotally I've been seeing this churn happen in real time around my social circle in different countries. I think we all need to wait and see what's the trend instead of jumping into "you naysayers were all wrong, haha"-rhetorics.