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00:02Microsoft's Xbox division is planning major layoffs expected shortly after the close of
00:06the company's fiscal year on June 30, according to Reuters. The cuts would mark the first major
00:11restructuring under Asha Sharma, who became CEO of the gaming unit in February. Sharma said Xbox's
00:18accountability margin had fallen to 3% and that the company spent more than $20 billion on content,
00:24platforms, and hardware subsidies over the past five years.
00:27Annual revenue declined by nearly $500 million during that same period,
00:32she said in an internal email to employees. Xbox plans to rebuild its platform infrastructure
00:37and rethink its portfolio in the coming weeks and months.
00:40For all things money, visit Benzinga.com.
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