内容来源：https://www.geekwire.com/2026/microsoft-ceo-satya-nadella-on-xbox-we-have-to-turn-this-into-a-sustainable-business/

内容总结：

微软首席执行官萨提亚·纳德拉本周承认，公司多年来一直在补贴Xbox业务，而非从中盈利，并强调游戏部门需要转向新策略。这番言论出现在周三晚间录制的《纽约时报》“Hard Fork”播客节目中，该节目于周五发布。节目主持人凯文·鲁斯和凯西·牛顿在Xbox领导层暗示即将进行业务调整后，就Xbox的未来向纳德拉提问。

纳德拉在谈到Xbox和游戏业务时表示：“没有人能指责微软在过去25年里没有投入。但现在，我们必须将其转变为一项可持续的业务。”他指出，尽管Xbox提供了娱乐价值，但微软并未从这些娱乐内容中获利，反而一直在进行补贴。他笑着补充说：“事实上，Xbox游戏在YouTube上的变现收入比在微软内部更多。”

当天早些时候，Xbox首席执行官阿莎·夏尔马在给员工的备忘录中表示，部门开支庞大且收入下滑的状况不能再持续下去。上任约100天的夏尔马透露，根据微软内部衡量标准，本财年Xbox的利润率将仅为3%左右，而过去五年公司投入超过200亿美元，年收入却在下降。据彭博社报道，该部门计划在下个月进行大规模裁员。

在播客中，纳德拉阐述了业务面临的两大压力。其一是暂时的：半导体和内存短缺导致价格上涨，冲击了PC、手机及其他消费电子产品，但微软将渡过难关。其二是长期性的：Xbox未来的商业模式究竟该如何定位。

当被问及是否能为玩家提供某种“甜头”，或主机和游戏是否只会涨价时，纳德拉回应：“我认为我们必须找到既能对客户经济实惠、又能让我们盈利的方式来交付游戏。”他没有详细说明新模式的具体形态。夏尔马在备忘录中表示，她将在未来100天内重新审视业务。

据《信息》杂志周五报道，微软并未排除对Xbox进行重组的可能性——例如转为全资子公司、合资企业或进行分拆——但短期内没有相关计划。该媒体援引三位知情人士称，夏尔马计划将裁员与加大对《光环》《辐射》等大型 franchises 的投入相结合，该方案已获纳德拉和首席财务官艾米·胡德批准。

中文翻译：

微软首席执行官萨提亚·纳德拉本周坦言，多年来微软一直在补贴Xbox业务，而非从中盈利。他同时指出，游戏部门需要调整战略方向。这番话出自纳德拉周三晚间录制的《纽约时报》“Hard Fork”播客节目，该期节目于周五发布。就在节目录制前几小时，Xbox部门领导层刚刚暗示即将进行业务重组，主持人凯文·鲁斯与凯西·牛顿就此追问纳德拉关于Xbox的未来规划。

纳德拉谈及Xbox及游戏业务时表示：“没有人能指责微软在过去25年里缺乏投入。但现在，我们必须将其转变为可持续盈利的业务。”他指出，尽管Xbox创造了巨大娱乐价值，但微软并未从中实现商业变现，反而一直在进行补贴。他笑着补充道：“事实上，YouTube平台上Xbox游戏的变现规模比微软自身还要大。”

当天早些时候，Xbox首席执行官阿莎·夏尔马在发给员工的备忘录中承认，部门目前的高额支出与持续下滑的营收难以为继。上任仅约百日的夏尔马透露，按照微软内部财务指标计算，Xbox本财年利润率将维持在约3%的水平——此前五年间微软投入超200亿美元，而年度营收却持续下滑。据彭博社报道，该部门计划于下月进行大规模裁员。

在播客节目中，纳德拉分析了游戏业务面临的两重压力。其一是暂时性的：半导体与存储芯片短缺引发的全行业涨价潮，正冲击PC、手机等消费电子产品市场；其二是长期性的：Xbox未来商业模式的核心定位问题。

当被问及能否为玩家提供“甜头”，或游戏主机与游戏是否只会越来越贵时，纳德拉回应：“我们必须找到既能符合经济效益，又能满足玩家需求的游戏交付方式。”他并未详细阐述新商业模式的具体形态。夏尔马在备忘录中表示，未来百日内她将重新审视业务架构。

科技媒体The Information周五报道，微软不排除对Xbox进行重组——可能采取全资子公司、合资企业或分拆上市等形式——但目前暂无立即实施计划。据三位知情人士透露，夏尔马计划在裁员的同时，加大对《光环》《辐射》等旗舰IP的投入力度，该方案已获纳德拉与首席财务官艾米·胡德批准。

英文来源：

Microsoft has spent years subsidizing Xbox rather than profiting from it, CEO Satya Nadella acknowledged this week, as he addressed the gaming division’s need for a new approach.
His comments came during a Wednesday evening taping of The New York Times’ “Hard Fork” podcast, released Friday. Hosts Kevin Roose and Casey Newton pressed Nadella on the future of Xbox a few hours after the division’s leadership signaled an upcoming reset.
“No one can accuse Microsoft of not having invested for the last 25 years,” Nadella said of the Xbox and games business. “And now we have to turn this into a sustainable business.”
For all the entertainment value Xbox provides, he said, Microsoft hasn’t been monetizing that entertainment, and has actually been subsidizing it. He added with a chuckle, “In fact, there’s more monetization of Xbox games happening on YouTube than at Microsoft.”
Earlier in the day, Xbox CEO Asha Sharma had told employees in a memo that the division’s heavy spending and declining revenue cannot continue. Sharma, about 100 days into the job, said Xbox will finish the fiscal year at roughly a 3% margin by an internal Microsoft measure, after the company spent more than $20 billion over five years even as annual revenue fell.
Bloomberg News reported that the division is planning major job cuts next month.
On the podcast, Nadella described two pressures on the business. One is temporary: a run-up in prices driven by the shortage of semiconductors and memory, which is squeezing PCs, phones and other consumer electronics, and which he said Microsoft will get through.
The other is lasting — the question of what the Xbox business model should be going forward.
“I think we have to find ways to deliver the games in which it’s economically relevant for the customer and for us,” Nadella said when Newton asked whether he could offer any sort of “carrot” for gamers, or whether consoles and games would simply get more expensive.
Nadella didn’t detail what the new model would look like. Sharma said in her memo that she’ll spend the next 100 days taking what she called a fresh look at the business.
The Information reported Friday that Microsoft hasn’t ruled out restructuring Xbox — potentially as a wholly owned subsidiary, a joint venture, or a spin-off — though it has no imminent plans to do so. The outlet, citing three people with direct knowledge, said Sharma plans to pair layoffs with heavier investment in big franchises like Halo and Fallout, a plan Nadella and CFO Amy Hood have signed off on.
See above for the full conversation, which otherwise focuses largely on artificial intelligence, including the AI backlash over data centers, AI’s impact on jobs, whether the U.S. government should take stakes in AI companies, and how much he buys the idea that AI is about to automate entire jobs.