Microsoft will be cutting 5,000 jobs following an 11 per cent year-on-year decline in net profit, reports MCV. They say some 1,400 employees will be let go immediately, with 3,600 cuts to follow over the next 18 months, which they hope will save them around $1.5 billion a year. Microsoft is not commenting at this time whether any of these cuts will hit the Xbox operations of its Entertainment and Devices Division.