Microsoft Corp. this week price cut the Xbox One to $299 in a new spring sale initiative.

For a limited time, the company is discounting all Xbox One consoles by $50.

The Xbox One 500GB Name Your Game Bundle, which includes the Xbox One 500GB hardware and a full game download of either Forza Motorsport 6, Rise of the Tomb Raider, Gears of War: Ultimate Edition, or Rare Replay, and Xbox One Wireless Controller, now sells at $299.

Xbox hardware revenue declined 17 percent in the first quarter due to lower Xbox 360 sales volume.

Xbox Live users increased 28 percent in the period to 39 million users.

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