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00:02Microsoft said,
00:04Monday it will immediately cut 4,800 jobs, or 2.1% of its workforce,
00:10as part of its latest cost-cutting effort, according to CNBC.
00:13The Xbox division will lose about one-fifth of its staff,
00:17including 1,600 jobs on Monday and another 1,600 through fiscal 2027.
00:24Xbox CEO Asha Sharma said,
00:26The year-long restructuring creates challenges, but the company could not make all changes in one day.
00:32Microsoft has been the weakest mega-cap tech stock in 2026,
00:36falling 19% as investors worry that generative AI could disrupt enterprise software.
00:41The company also carried out several rounds of layoffs last year, including one that cut 9,000 jobs.
00:47Microsoft said four gaming studios will be spun out, including Compulsion Games and Double Fine Productions.
00:53Microsoft shares slipped 1% Monday, while the NASDAQ Composite rose 1%.
00:59For all things money, visit Benzinga.com.
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