Microsoft announces 4,800 job cuts as it revamps Xbox

Microsoft said Monday it was eliminating about 4,800 jobs -- roughly two percent of its global workforce -- in a sweeping restructuring concentrated in its Xbox gaming divisions.

The cuts include the deepest overhaul in Xbox's history, with approximately 3,200 gaming jobs to be shed over the coming fiscal year, four game studios being spun off or sold, and a fifth entering a review process that could lead to closure, the company said.