Salesforce.com Inc. (NYSE: CRM) has turned in its earnings for the fiscal second quarter. The customer relationship management and enterprise software player had 38% revenue growth, with over 30% growth in deferred revenue and operating cash flow. The company further said it was raising its fiscal year 2015 revenue guidance by $30 million. What is amazing is just how high this company continues to be valued against future earnings after having been public for ten years now.

Operating income per share was $0.13 and total revenue in the second quarter was $1.32 billion. Thomson Reuters was calling for $0.12 in earnings per share and $1.29 billion in revenue.

For the coming quarter, revenue is projected to be in the range of $1.365 billion to $1.370 billion, up 27%. Operating earnings is being put in the range of $0.12 to $0.13 per share. Thomson Reuters had estimates of $0.13 EPS and $1.37 billion in revenue.

The company’s fiscal guidance is now being put at $5.37 billion for a full year growth rate of 32% — in a range of $5.340 billion to $5.370 billion. non-GAAP EPS is expected to be in the range of $0.50 to $0.52. Thomson Reuters had estimates of $0.51 EPS and $5.34 billion.

Quarterly numbers for the last quarter were as follows:

• Subscription and support revenues were up 37% at $1.23 billion.
• Professional services and other revenues were up 58% at $86 million.
• Cash generated from operations was up 34% to $246 million.
• Total cash was at $1.67 billion at the end of the quarter.
• Deferred revenue was up 31% at $2.35 billion.
• Unbilled deferred revenue (contracted but unbilled and off balance sheet) rose 32% to $5.0 billion.

Salesforce.com closed up 0.6% at $55.71 against a 52-week range of $42.11 to $67.00. Its after-hours reaction initially had shares down almost 1% around $55.25. The consensus analyst price target going into earnings was $67.84.

Salesforce.com is one of those companies that keeps being able to get away with zany valuations. Despite coming public in 2004, this company is still able to get away with trading at 100-times expected earnings.

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