Microsoft moves to slash costs as the video game industry faces what the tech giant calls the "most severe hardware crisis in its history."

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.

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

Microsoft eliminated approximately 2.1% of its global workforce

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…