Microsoft's Xbox Division to Cut Jobs and Budgets as New CEO Asha Sharma Leads Overhaul

The layoffs, the exact scale of which is not yet clear, are expected shortly after the close of Microsoft's fiscal year on June 30, according to people familiar with the company's strategy, who asked not to be identified because they're not authorized to speak to the press.

Xbox is also planning to significantly slash budgets for marketing and some other areas of the business, the people said.