Microsoft Corp. (NASDAQ: MSFT) has had a neat recent history. It seems pundits keep wondering when the software giant's sales will stagnate, and the company continues pumping out one impressive quarter after another. Thursday's second quarter results for Ole' Softie should be more of the same.

Analyst estimates are for earnings of 46 cents per share on revenue of $15.9 billion for the quarter ended Dec. 31. With Microsoft shares up about 10% since last October, they are poised to go a little higher if the software giant's results are at or slightly above consensus estimates. The company raised its full-year guidance in October when it reported first-quarter results. There may be a few things at play here: sales of Windows Vista have continued to climb and the money-losing games division may have been helped by better-than-expected holiday sales of the Xbox 360.

Microsoft's Windows and Office businesses continue to rake in almost all the company's revenue. Bear Stearns analyst John DiFucci indicated that Microsoft's efforts in curbing piracy were bearing more fruit in emerging markets as well, as the software maker was "paid in emerging markets" where software piracy has traditionally been rampant.

[Disclosure: The author holds a long position in Microsoft]