Microsoft said Monday it was eliminating about 4,800 jobs -- roughly two percent of its global workforce -- in a cost-cutting move that will deliver a sweeping restructuring of its struggling Xbox gaming…

Microsoft has announced it is cutting 4,800 jobs, including many in its Xbox division. This represents about 2.1% of its global workforce.

Xbox will cut about 3,200 jobs and offload five studios, including the UK’s Ninja Theory and France’s Arkane, in its biggest-ever restructure.

Microsoft announced plans to lay off 4,800 employees on Monday, confirming Business Insider's earlier report.

"Our business today is not healthy," Xbox CEO Asha Sharma warned in a memo to staff Monday.