Microsoft to cut more than 3,000 jobs from ailing Xbox unit
Summary
Microsoft will cut 3,200 jobs from its Xbox gaming division because the business is not doing well. Xbox CEO Asha Sharma said the company is losing money and facing big challenges, including slow growth in their subscription service and a major hardware crisis.Key Facts
- Microsoft plans to cut 3,200 jobs in the Xbox unit.
- 1,600 jobs will be cut immediately.
- Four Xbox studios will be closed or leave the unit.
- Xbox CEO Asha Sharma said the business is operating with much lower profits compared to similar companies.
- Growth in Microsoft's Game Pass subscription service and multi-platform gaming has been slower than expected.
- The gaming industry is currently facing the most serious hardware crisis in its history.
- Microsoft raised Xbox console prices starting August 1 due to higher costs for storage and memory parts.
- The price increase is $100 for consoles with 512 GB storage and $150 for those with 1 TB storage.
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