News Summary

• Xbox is reportedly planning to lay off a "significant" number of staff.
• The first of these cuts will come in July, soon after the conclusion of the company's fiscal year.
• Xbox is also planning major cuts to marketing budgets as well as other areas of the business.
• This comes after new CEO Asha Sharma spoke publicly about the financial challenges facing Xbox, saying it was not in "a healthy spot" A letter first sent to employees internally at Xbox, then later published on the Xbox Wire news website, is signed by Sharma and chief content officer Matt Booty.