VMware, which makes the stuff of clouds, turned up Tuesday with Q2 revenues up 48% to $673.9 million, exceeding predictions. It earned $75 million, or 18 cents a share, more than double a year ago.

It said US revenues were up 43% to $334 million and international revenues up 53% to $340 million. License revenues were $324 million, up 42%, and service revenues, which include software maintenance and professional services, were up 54% to $350 million.

It said the results were driven by demand across all products and regions.

Total deferred revenues were $1.5 billion, up 58%.

This quarter it expects revenues between $680 million and $705 million with license revenues flat sequentially. The projection is supposed to be conservative because of the dicey macroeconomy, particularly Europe. Still it’s more than the $671.9 million that the Street had guessed.

The virtualization company raised its guidance for the year to between $2.725 billion and $2.8 billion, an increase of 35%-38% over last year. Analysts had predicted $2.71 billion.

VMware’s got $2.8 billion in the bank, an increase of 21% over this time last year.