According to reports, Microsoft will cut thousands of jobs.

According to a report, Microsoft plans to eliminate thousands of jobs as the economy slows.

In the next few days, the software company will likely announce widespread layoffs. Sky News This was reported Tuesday. According to U.K. media outlets, Microsoft is aiming for a 5% decrease in its workforce. This would mean that Microsoft will have around 11,000 employees across all of its offices. According to Microsoft, the company intends to reduce its engineering divisions. Bloomberg, which cited an individual familiar with the matter.

Microsoft employs over 220,000 people around the world, including approximately 122,000 in America. according To its corporate website.

Microsoft declined to confirm Sky’s report, telling CBS News it doesn’t comment “on rumor.”

In recent months, major technology companies like Amazon, Meta, and Twitter have also lost thousands of jobs. According to Challenger, Gray, Christmas, more than 16,100 tech-related jobs were lost in December. Last year, the industry lost more jobs than any other sector. It will eliminate 100,000 positions by 2022.

Microsoft earlier this month said it would give all of its U.S.-based employees unlimited time off A new “Discretionary Time off Policy” was established.

Although many economists predict a recession in the United States this year, some analysts believe it will be mild.

BofA Global Research analysts stated Tuesday that while the outlook for the U.S. economic in 2023-24 remains mildly recessionary, they have delayed the date of the downturn. “We believe the current investment-led slowdown was caused mainly by tighter monetary policy. We expect the downturn to continue to widen into a slowdown in consumer spending.”