Xbox’s Q2 FY26 earnings reveal a problem Microsoft can’t pin on hardware, subscriptions, or macro trends this time. Revenue dipped, and the company pointed directly at its own first‑party lineup as the reason — a rare acknowledgment that the content pipeline meant to define the platform simply didn’t deliver enough momentum this quarter. It’s a moment that puts Xbox’s long‑term strategy under the microscope, especially as the industry leans harder than ever on exclusive hits to drive…

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