Microsoft plans to cut thousands of jobs, according to report

Microsoft is planning to cut thousands of jobs in the latest workforce cull by a major technology company as the economy slows, according to a report.

The software company is expected to announce the widespread layoffs in the coming days, Sky News reported on Tuesday. The U.K. media outlet said Microsoft is targeting a 5% reduction in its workforce, or about 11,000 workers across offices worldwide. The company is targeting cuts in its engineering divisions, according to Bloomberg, which cited a person familiar with the matter. 

Microsoft employs more than 220,000 people globally, including roughly 122,000 people in the U.S., according to its corporate website.