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Uber CEO Dara Khosrowshahi said in an email to employees on Monday that the technology will focus on the core business of ride-hailing and food distribution, announcing that the company has made Two rounds of layoffs.

Khosrowshahi said that in addition to the 3,700 jobs announced earlier this month, Uber will lay off about 3,000 jobs, adding that the company plans to reduce investment in several “non-core projects.”

After the news came out, Uber shares rose 8% to $ 35.27.

Uber said in a separate regulatory document on Monday that compared with pre-pandemic estimates, layoffs and restructuring measures are expected to save $ 1 billion in annual costs.

Uber has been engaged in various other businesses, including the development of driverless cars and freight logistics networks. Khosrowshahi did not directly mention these businesses in the email, and the spokesperson declined to comment on the email.

Khosrowshahi said that Uber must establish itself as a self-supporting company that no longer requires external funding, calling the company’s food delivery business Uber Eats “the next huge growth opportunity.”

Uber is currently negotiating with Inc to strengthen food delivery business.

As most parts of the United States and the rest of the world are closed to resist the spread of the virus, the ride-hailing business has almost collapsed.

Nearly two-thirds of Uber’s revenue comes from the U.S. and Canada, The whole-house service order was released in mid-March. The company said that global travel demand fell by 80% in April, but recovery has been slow.

Khosrowshahi also said that the company will close Singapore office in the next 12 months and will move to a new “hub” in the Asia-Pacific region.

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Uber will also close about 45 offices, including the office at Pier 70 in San Francisco.

(Reporting by Supantha Mukherjee in Bangalore and Tina Bellon in New York; Editing by Saumyadeb Chakrabarty and Marguerita Choy)