Sources: Microsoft's Xbox division is planning major layoffs next month and significant budget cuts for marketing and some other areas (Jason Schreier/Bloomberg)

Jason Schreier / Bloomberg: Sources: Microsoft's Xbox division is planning major layoffs next month and significant budget cuts for marketing and some other areas — Asha Sharma's first major cuts will arrive in July — Microsoft Corp.'s Xbox division is planning major layoffs next month, according to people familiar with the company's strategy.