Microsoft has invested in its gaming division for 25 years. Even if you exclude the $69 billion Activision Blizzard King acquisition in 2023, Xbox has spent $20 billion on content platforms in the past five years, a period in which annual revenue is down by $500 million. The culprit behind this decline is a 33% drop in Xbox hardware revenue. Gaming revenue was down 7% to $5.3 billion last quarter, which has turned into a drag for the whole More Personal Computing segment. New competitors like...

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