Officially, Microsoft has communicated that there is an issue with the status settings, which is at the heart of the issue.
"Some of you may experience problems with Skype presence and may not see online. We have detected an issue with the status settings of Skype.
Affected users will not be able to change their status, their contacts will all show as offline and they will be unable to start Skype calls to them," explained Microsoft on the official Skype blog.
While all this is happening, those who use Skype as an instant messaging tool, they will not have issues. Even the status issue doesn't affect the instant messages claims Microsoft.
That being true, for the interim Microsoft recommends using Skype for the web, which is said to be unaffected by the problem.