Microsoft is reportedly set to announce thousands of layoffs on Wednesday

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Microsoft is reportedly planning to cut thousands of jobs imminently.

According to sky newsthe latest round of layoffs at the US technology giant could see it ax roughly 5% of its 220,000-person workforce, which would equate to some 11,000 jobs.

Bloomberg is also reporting that Microsoft intends to cut jobs in a number of engineering divisions on Wednesday.

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While the scale of the cuts is unclear, a source said to be familiar with Microsoft’s plans told the publication that the number of layoffs would be significantly greater than other rounds made by the company over the past year.

Microsoft laid off around 1,000 employees across the company, including staff working for its Xbox division, in October 2022.

The company is planning to report its second quarter earnings on January 24.

The following day, Microsoft is expected to announce release dates for several highly anticipated Xbox games during a product showcase.

The company has said it plans to reveal new details on games like Forza Motorsport, red fall and Minecraft Legends, as well as launch dates for the titles, during the ‘Developer Direct’ event on January 25.

Following delays, Microsoft previously confirmed that Bethesda‘s Redfall and Starfield will be released in the first half of 2023and the former is reportedly targeting a May release.

Forza Motorsport is officially scheduled for release this spring and action strategy game Minecraft Legends is also coming in 2023.