In a follow-up conference call last night, Microsoft CFO Amy Hood admitted the Xbox content and services revenue was below expectations, and was seemingly the result of strong first-party performance the year prior. Xbox content and services revenue decreased 5% in constant currency, and was below expectations driven by first-party content with impact across the platform." The company believes content revenue will have a small decline as well. Of course, Xbox doesn't seem all that bothered about hardware performance anyway right now, at least not until the next Xbox console hits the market. Content and services revenue is the key focus from an Xbox perspective in 2026, and a decline of 5% isn't devastating by any means.