Ever since Microsoft debuted Teams, its more corporate focused video conferencing and messaging platform - the purpose of Skype has been a bit questionable. Prior to Teams, Microsoft did have Skype for Business, but this was shut down in favour or Teams in 2021.
In years since, Microsoft launched a consumer version of Teams, a free app which allows messaging and video calling. Once Skype is discontinued in May, existing users will need to migrate data from Skype to the Teams app. This will bring along any messaging history, group chats and any other content - without the requirement to make a new account.
Microsoft will be shutting down Skype on 5th May 2025 and existing users will have 60 days to make the decision to move to Skype in order to preserve their data.
However, Skype has been very well known for its phone call features, which allows you to dial local or international numbers. This functionality is not and is not going to be a part of Teams. So existing users will need to use something else. The main reasoning for this is the advent of cheaper and easier VoIP apps, such as WhatsApp, FaceTime and phones have integrated WiFi Calling now too.
Also, existing Skype credits will be honoured inside of Teams, subscriptions can be used until the next renewal but any Skype Numbers won't be supported, so they will need to be ported somewhere else.
Source: Microsoft