Microsoft announce massive layoffs, including Xbox. Multiple games are cancelled, and rumors claim Phil Spencer won't remain at the company.

Microsoft is cutting more than 9,000 jobs -- 4% of its global workforce -- and as a result, Everwild and the Perfect Dark reboot have been put out to pasture.

These changes come at a time when we have more players, games, and gaming hours than ever before,” said Xbox head Phil Spencer in an email to staff.