Microsoft to cut 4,800 jobs as Xbox struggles to keep pace with rivals

Microsoft said on Monday it would cut 4,800 jobs, or ​about 2.1% of its global workforce, overhauling its Xbox gaming business and divesting up to five studios as it looks to ‌boost returns after years of heavy investment in the division, Reuters writes.

Despite spending tens of billions of dollars to expand Xbox, including its blockbuster acquisition of Activision Blizzard, Microsoft has struggled to narrow the gap with Sony’s PlayStation, and Nintendo, prompting a broader rethink of ​the gaming business.