Last night, salesforce.com (NYSE: CRM) delivered another strong quarter, as expected.

The company put up second-quarter revenue of $546 million, a 38% year-over-year jump, and non-GAAP earnings per share of $0.30. Revenue easily beat the expectation of $528.8 million, with EPS coming in on target with the $0.30 estimate. Third-quarter revenue guided higher than the Street was looking for, with the company projecting between $568 million and $570 million.

All the right numbers are going in the right direction. Net paying customers rose by a quarterly record of roughly 6,300 to 104,000. Deferred revenue increased by 37% to $935 million. Cash flow from operations increased 9% to $83 million. This stock is a growth machine.

When reported on a GAAP basis, the company reported a net loss of $0.03, but I'm not overly concerned with this figure. The company continues its trend of heavy stock-based compensation expenses, but I agree with Fool Anders Bylund that it's a nonissue when you step back and look at the bigger-picture numbers.

Despite having a strong start to 2011 and reaching an all-time high of $160 a month ago, the recent market selloff has brought salesforce.com down to negative territory for the year. Tech stocks took it particularly bad yesterday after NetApp (Nasdaq: NTAP) missed revenue and warned of soft IT spending, with particular weakness in U.S. government sales amidst the whole debt-ceiling debacle. And although salesforce.com started the day strong, its downward trajectory continued throughout the day. Other cloud-computing plays like Qlik Technology (Nasdaq: QLIK) and NetSuite (NYSE: N) also saw heavy sell-offs after noon.

I think the market is presenting a buying opportunity here to pick up shares at nearly a 30% discount to the all-time high set a month ago. The stock has pulled back far more than the broader market for no reason specific to salesforce.com. If you decide against picking up shares while you still can, the very least you can do is add salesforce.com to your Watchlist.