Microsoft announced today it is cutting 5,000 jobs over the next 18 months.

The layoffs, 1,400 of which come immediately, appear to be a first for Microsoft.

The company also announced a drop of 11% in second-quarter profits, which fell short of Wall Street’s expectations.

Microsoft said it was being hurt by deteriorating global economic conditions and lower revenue from software for PCs. The holiday quarter of 2008 was the worst the PC market had seen in several years.

“While we are not immune to the effects of the economy, I am confident in the strength of our product portfolio and soundness of our approach,” said Steve Ballmer, chief executive officer at Microsoft.

The company says profit slipped to $4.17 billion, or 47 cents per share, from year-ago earnings of $4.71 billion, or 50 cents per share.