There was more bad news last night from streaming giant Netflix.
The company has just announced another round of job cuts as it grapples with slowing growth and increased competition.
The BBC reports that Netflix is cutting 300 more posts - roughly 4% of its workforce - mostly in the US, after axing 150 people in May.
"While we continue to invest significantly in the business, we made these adjustments so that our costs are growing in line with our slower revenue growth," it said, adding that it was continuing to hire in other areas.
The job cuts come after Netflix reported its first subscriber loss in more than a decade in April.
The firm is exploring an ad-supported service, and cracking down on password sharing as it tries to boost growth.
While Netflix has 220million subscribers globally and remains the clear leader in the streaming market, it has faced fierce competition in recent years with the launch of rival platforms such as Disney Plus and Amazon's Prime Video.
Price increases
The company also recently embarked on a series of price increases in the US, UK and elsewhere which have contributed to its subscriber losses.
The firm has said it expects its subscriber count to fall by another two million in the three months to July, after dropping by 200,000 earlier this year.
Surveys by Kantar research firm consistently identify saving money as the number one reason for customers cancelling streaming services - even in the US, where overall streaming subscriptions have held steady, unlike the UK.
On Thursday, Ted Sarandos, the company's co-chief executive, said that Netflix was in talks with many firms as it explores new advertising partnerships to appeal to price-sensitive audiences.
"We're not adding ads to Netflix as you know it today. We're adding an ad tier for folks who say: 'Hey, I want a lower price and I'll watch ads'," he said.
The job cuts at Netflix come amid rising worries in the US that the labour-market boom the country has enjoyed since the pandemic is coming to an end.
Signs of slowdown are particularly evident in the tech sector, where start-ups have cut nearly 27,000 workers since May - roughly double the number recorded in all of 2021.
FTSE 100
The UK's top share index, the FTSE 100, was up 33 points at 7,054 shortly after opening this morning, following yesterday's 68-point loss.
No FTSE 350 companies are reporting today.
Brent crude futures were virtually flat so far today at $110.06 a barrel.