Earlier, Microsoft announced their plans to cut roughly 18,000 jobs. This reduction in the work force will take place over the course of the next year.

The bulk of the layoffs, roughly 12,500 jobs, will impact the Nokia Devices and Services side of things. While the full round of layoffs will take a year, a bulk of them will happen within the next six months. Microsoft CEO Satya Nadella explains the plan.
"It's important to note that while we are eliminating roles in some areas, we are adding roles in certain other strategic areas," Nadella said. "My promise to you is that we will go through this process in the most thoughtful and transparent way possible."

"[W]e will simplify the way we work to drive greater accountability, become more agile and move faster," Nadella said. "As part of modernizing our engineering processes the expectations we have from each of our disciplines will change. In addition, we plan to have fewer layers of management, both top down and sideways, to accelerate the flow of information and decision making. This includes flattening organizations and increasing the span of control of people managers."

That means additional cuts will take place to the management teams at Microsoft. As for the Xbox division, it should come away relatively unharmed by these layoffs. In a separate statement from Stephen Elop, head of Microsoft Devices Group, he made it clear that there won't be too much of an impact on that side of things.
"With a set of changes already implemented earlier this year in these teams, this means there will be limited change for the Surface, Xbox hardware, PPI/meetings or next generation teams."

The very best of luck to those 18,000 people that will soon be without jobs.