Microsoft's second-quarter results Thursday, in which net profit fell 11 percent, show that the company is still largely dependent on its Windows client business for its financial health. That business in turn is dependent on the market for PC sales, which is currently flat and shows no signs of improving over the short term.

Microsoft has been trying to diversify its revenue for some time and has made incremental progress. But until other parts of the business begin to pull in more revenue, the company should examine ways to keep its Windows client business from damaging its overall financial health if the current economic condition worsens, analysts said.

"Today really shows how dependent they are on PC sales," said Matt Rosoff, analyst with research firm Directions on Microsoft. "They're still largely a desktop software company."

Rosoff said Microsoft has done a good job trying to diversify its revenue base, and there was some good news in Thursday's results to reflect those efforts.

Besides Windows clients, one business that has been a reliable source of revenue for some time is the Server and Tools Division, which Thursday recorded its 26th consecutive quarter of double-digit growth. This was driven largely by Windows Server 2008, which is just now beginning to take hold in the market and should drive continued success in this part of Microsoft's business, said one analyst.