Uber laying off 350 employees

San Francisco-based rideshare company Uber announced on Monday it is laying off 350 employees.

CEO Dara Khosrowshani made employees aware of the cuts in a companywide email. 

Employees from Uber's food delivery, autonomous vehicles, and safety and insurance team are being let go. 

The move is the latest in a string of staff reductions at Uber since its initial public offering. 

The new cuts bring the total number of layoffs to about 1,200 since July. 

Shares of Uber rose more than 4% following Monday's announcment.