The cuts include the deepest overhaul in Xbox's history, with approximately 3,200 gaming jobs to be shed over the coming fiscal year.

Primarily impacts Xbox, but cloud workers also hit

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

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.