Microsoft Corp. this week price cut the Xbox One 500GB SKU to $249 in a summer savings promotion.

Discounted SKUs include the Xbox One 500GB Gears of War: Ultimate Edition Bundle, Quantum Break Bundle and the Name Your Game Bundle.

The sales initiative is valid while supplies last.

Microsoft will release the Xbox One S 2TB SKU Aug. 2.

The Xbox One S is a console 40 percent smaller than the current Xbox One and includes a 2TB hard drive, 4K Ultra HD video, High Dynamic Range, a streamlined controller and vertical stand.

In the fourth quarter, the Xbox business declined nine percent between Apr. and June compared to the year prior.

Xbox Live members increased to 49 million, up 33 percent from one year ago.

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