UPDATE 2-GigaMedia Q1 misses Street; shares fall

* Q1 EPS $0.08 vs est $0.09

* Q1 rev $44.4 mln vs est. $43.9 mln

* Sees Q2 revenue under pressure-CEO

* Shares down 11 percent (Adds conference call details, analyst comments, share movement)

By Mansi Dutta

BANGALORE, June 9 (Reuters) - Taiwan-based online gaming software firm GigaMedia Ltd (GIGM.O) reported a fall in quarterly profit, missing estimates by a cent, due to a fall in revenue citing weakness of the euro against the U.S. dollar.

The company said it expects continued revenue pressure through the summer months due to normal seasonality and the effects of the global economic downturn.

The second quarter would remain flat to down sequentially in Asia and down in Europe, Think Equity analyst Atul Bagga said.

The company, however, seems to be confident about its Asian online gaming business in the second half of the year, driven by a strong pipeline.

GigaMedia is launching a slew of titles this year, including Electronic Arts Inc's ERTS.O Warhammer Online and NBA Street Online, and a Korean game Luna Online, it said in conference call with analysts.

"Electronic Arts was very positive about Warhammer's response in Taiwan. They said it was well exceeding their expectations," analyst Bagga said.

NBA Street Online would contribute to revenue in the fourth quarter, he added.

On the sale of its poker and software casino business, the company said it was still in talks with two companies but did not disclose any other details.

"Investors are unclear as to where the business is headed. Uncertainty about the consolidation is driving the stock down," Bagga said.

The company reported first-quarter earnings of $4.8 million, or 8 cents a share, compared with $12.1 million, or 20 cents a share, a year ago.

Revenue fell 13 percent to $44.4 million.

Analysts were expecting the company to earn 9 cents a share, excluding items, on revenue of $43.9 million, according to Reuters Estimates.

Shares of the company were down more than 5 percent at $5.82 Tuesday afternoon on Nasdaq. They hit a low of $5.53 earlier in the session.

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