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Microsoft's latest quarter undercut hopes for Xbox. Gaming revenue slipped 2% as Xbox hardware plunged 22%, while growth was a scant 1% and largely lifted by better-than-expected third-party titles like Clair Obscur Expedition 33. CFO Amy Hood forecast another low to mid single digit decline next quarter, citing a lack of landmark first-party releases, despite launches like Ninja Gaiden 4, The Outer Worlds 2, and Double Fine's The Keeper, and a push behind Asus's ROG Xbox Ally and Ally X. Meanwhile, cloud and AI rose 28%, even as gamers voiced displeasure with their wallets.

Prepared by Jonathan Pierce and reviewed by editorial team.