Xbox hardware revenues down 30%, but Game Pass still growing

Microsoft has now shared its Q3 FY2023 financial results, revealing a dip in gaming revenues:

According to Microsoft, overall, Xbox gaming revenue was down 4% year-over-year. This was driven by a big decline in hardware revenue, which was down 30% compared to the previous year. Despite this, there has been growth in Xbox content and services revenue which was up 3% year-over-year, which Microsoft notes is largely down to an increase in Xbox Game Pass subscriptions.

Microsoft expects gaming revenue growth"in the mid-to-high single digits" in Q4. It also expects Xbox content services revenue growth"in the low to mid-teens," which will be driven by third-party and first-party content as well as Game Pass.

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