Microsoft is cutting 4,800 jobs globally, including 1,600 at Xbox, as the gaming business restructures amid rising hardware costs and weak margins.

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.

Microsoft eliminated approximately 2.1% of its global workforce