Tough business conditions may force Microsoft to make further reductions in its work force, beyond the up to 5,000 job cuts announced in January, a Seattle-based analyst said this morning in a preview of the company's Thursday afternoon earnings report.

"Over the last week, we have heard from multiple sources that Microsoft may engage in additional restructuring activities in the near-term," wrote Sid Parakh, an analyst at the McAdams Wright Ragen brokerage firm, in a note to clients this morning. "While our checks seem to unanimously imply further headcount cuts, there is uncertainty around whether such cuts will be a moderate revision to plans announced in January or is a sizable addition to prior headcount reduction plans."

Parakh added that few details are available on the size, timing, geographies or business units to be afected.

In January, when announcing its fiscal second-quarter results, Microsoft said it would cut as many as 5,000 jobs globally over 18 months, starting with an initial wave of 1,400 employees.

We've asked a Microsoft representative for comment on the McAdams Wright Ragen report, and we'll update this post depending on the response. (Update: Microsoft declined to comment.) Last week, Microsoft general counsel Brad Smith was asked about the status of layoffs, and he said the statements made by the company in January still applied.

Prior to the last cutbacks, Parakh accurately predicted that Microsoft would make layoffs but overestimated the amount, predicting cutbacks of 6,000 to 8,000 employees.

In his report today, Parakh said he expects Microsoft to report results lower than the Wall Street consensus of $14.1 billion in revenue and 39 cents in earnings per share. He write that ongoing weakness in enterprise spending are likely to implement Microsoft's core businesses.