"Microsoft Melted $340 Billion of Stock Market Value", XBox Sales Down 42%, and There Are More Bungie Layoffs
In the news today:
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Microsoft sinks, chipmakers climb as AI rally faces divide
Disappointing quarterly results from Microsoft melted $340 billion of stock market value on Tuesday from it and rival heavyweights racing to dominate artificial intelligence technology
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Xbox console sales decline continues
In what is now a familiar pattern - and one not limited to Microsoft - revenue from gaming hardware fell again, this time by 42 percent. That's down further on the 31 percent fall reported back in April this year, for the quarter before.
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Bungie Layoffs Eliminate 200+ Jobs at Destiny 2 Developer
Destiny 2 developer Bungie has announced that a restructuring of the company will see more than 200 jobs eliminated.
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Bungie lays off 220 employees; CEO says studio was ‘overly ambitious’ in memo detailing miscues
Founded in 1991, Bungie is currently best known for its massively-multiplayer online shooter Destiny 2, which wrapped up its current main story arc in June. Bungie was also the original developer on the Halo series, which launched alongside the Xbox console in 2001 and rapidly became a tentpole franchise for Microsoft’s console division. Bungie was purchased by Microsoft in 2000, went independent again in 2007, and was subsequently purchased by SIE in 2022.
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Bungie is laying off 220 employees and moving others to PlayStation
This latest layoff announcement was accompanied by the news that Bungie employees are working on a new game.