UPDATE 2-Salesforce.com outlook misses Street view

* Sees full-yr profit 58-60 cts/shr vs Street view 82 cts

* Raises full-year revenue forecast

* Q4 EPS 16 cts vs Street view 15 cts

* Q4 Deferred revenue up 19% at $704 mln

* Shares rise over 2 pct after hours (Adds details on outlook, byline; updates stock price)

By Jim Finkle

BOSTON, Feb 24 (Reuters) - Business software maker Salesforce.com Inc's (CRM.N) quarterly earnings came slightly ahead of expectations and it raised its revenue outlook, citing strong growth in orders.

But Salesforce's full-year earnings forecast fell far short of Wall Street projections and the company blamed non-cash charges associated with a debt sale and plans to expand its sales force.

Salesforce, a pioneer in delivery of business software via the Internet, said it expects to report a full-year profit, excluding items, of 58 cents to 60 cents per share. That is below analysts' average forecast of 82 cents.

The company whose top-selling product helps businesses manage sales reported profit, excluding items, of 16 cents per share in the fourth quarter ended Jan. 31, beating the average analyst estimate of 15 cents according to Thomson Reuters I/B/E/S.

The 11-year-old company raised its revenue outlook for the year ending in January 2011, saying it now expects revenue to grow between 16 percent and 17 percent. Three months ago its forecast was between 15 percent and 16 percent this year.

Salesforce forecast first-quarter profit of 12 to 13 cents per share, versus the average Wall Street estimate of 18 cents. It projected quarterly revenue of $365 million to $367 million, ahead of analysts' average forecast of $355 million.

Salesforce books revenue from its multi-year subscriptions quarter-by-quarter over the life of those contracts and Wall Street pays close attention to the as-yet-unused part, called deferred revenue, as an indication of future business.

Growth in deferred revenue accelerated during the quarter, rising 19 percent to $704 million, its highest in at least a year.

Fourth-quarter revenue at the software maker -- which competes with SAP AG (SAPG.DE), Microsoft Corp (MSFT.O), Oracle Corp (ORCL.O) and NetSuite Inc (N.N) -- rose 22 percent to $354 million, compared with the average analyst estimate of $342 million.

Salesforce shares rose to $70.96 in extended trading from their New York Stock Exchange close of $69.44. (Reporting by Jim Finkle; Editing by Andre Grenon and Richard Chang)