UPDATE 1-Sybase Q2 profit beats Street; ups FY view

* Q2 EPS $0.56, ex items, vs est $0.52

* Q2 rev down nearly 2 pct

* Sees Q3 EPS $0.55-$0.57 ex items

* Raises FY outlook

July 21 (Reuters) - Business software maker Sybase Inc SY.N posted a better-than-expected quarterly profit, helped by higher operating margins and a jump in database license revenue, and raised its 2009 outlook for the second time this year.

Sybase, which competes with Oracle Corp (ORCL.O) and SAP AG (SAPG.DE) in data management and analytics, now expects full-year earnings of $2.23 to $2.27 a share, before items, on revenue of $1.11 billion to $1.12 billion.

It had previously forecast earnings per share of $2.20 to $2.24 on revenue of about $1.10 billion for the period.

The company also forecast third-quarter earnings of 55 cents to 57 cents a share, before items, on revenue of $275 million to $280 million. Analysts expect earnings of 55 cents on revenue of $278.5 million, according to Reuters Estimates.

For the second quarter, Sybase earned $37.6 million, or 43 cents a share, compared with $29.8 million, or 33 cents a share, a year ago.

Excluding items, the company earned 56 cents a share, while analysts were expecting 52 cents a share.

Revenue fell 2 percent to $278 million, ahead of market expectations of $273.2 million.

Database license revenue rose 23 percent, the company said in a statement.

Shares of the Dublin, California-based company were up more than 4 percent at $33.77 in Tuesday morning trade. (Reporting by Manasi Phadke in Bangalore; Editing by Aradhana Aravindan)