Microsoft is scrapping two upcoming video games, a reboot of "Perfect Dark" and the fantasy title "Everwild," in addition to ending development on several unannounced projects.

Microsoft is canceling its Perfect Dark and Everwild games as part of sweeping cuts to its Xbox division. Matt Booty, Xbox president of game content and studios, revealed that Microsoft will be closing The Initiative, the studio behind Perfect Dark, in an internal memo to Xbox employees today.

Microsoft announce massive layoffs, including Xbox. Multiple games are cancelled, and rumors claim Phil Spencer won't remain at the company.