Microsoft announced on Monday the reduction of 3,200 jobs from its Xbox video game division. This includes an immediate cut of 1,600 positions and future job losses as four studios depart from the Xbox unit.
Xbox CEO Asha Sharma stated in a memo to workers that “Our business today is not healthy” and operates at margins significantly lower than competitors. The gaming leader also noted slow growth in investments for Game Pass and multi-platform services.
The company’s decision comes amid rising costs of storage and memory components, leading to an August 1 price hike for Xbox consoles with 512 GB storage from $400 to nearly $500, and those with 1 TB storage from $550 to $700.
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