Microsoft is laying off 4,800 employees as Xbox begins its biggest-ever restructuring. Here's why the company is cutting jobs and what changes are coming.

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