Rejoicing in what God of His bounty hath vouchsafed them, filled with joy for those who follow after them, but have not as yet overtaken them; because no fear shall come upon them, nor shall they be grieved.
.....
Filled with joy at the favours of God and at His bounty, and that God suffereth not the reward of the righteous to perish. Sura Al-'Imran (iii) 163-5.

There is rather an obscure verse at the end of the third Sura , which may be intended to show that, though the Meccans had freedom sufficient to be able to carry on trade and were generally independent after the battle of Uhud, the Prophet should not be disheartened nor led astray by it:—

Let not the coming and going of the infidels in cities deceive thee. It is but a little benefit. Afterwards Hell is their abode and bad the bed. Sura Al-'Imran (iii) 196.¹

It seems clear that the defeat of the Muslims at Uhud had been so complete that the pagan Arabs were able to live at ease and to pursue their ordinary avocations without fear. This was disheartening to Muhammad and his followers and so this revelation came to cheer them.

Sura Al-'Imran¹ is full of the subject and shows how important a crisis the Prophet felt it to be, and how great were the pains he took to avert in Madina itself the danger to which the defeat might have led. It is also a remarkable instance of the way in which opportune revelations came to support and sustain the people, when disheartened at the adverse turn their circumstances had taken. It is clear that the Prophet himself soon became hopeful again, for soon after he rebuked those who turned their backs to the enemy at Uhud,² and speaks with certainty of the final and complete victory of Islam which is to be the one and only universal religion:—

He it is who hath sent His Apostle with guidance and the religion of truth that, though they hate it who join other gods with God, He may make it victorious over every other religion. ³ Sura As-Saff (lxi) 9.