UPDATE 1-ShoreTel Q4 results edge past Street

* Q4 adj shr $0.03 vs est $0.01

* Q4 revenue $32.4 mln vs est $32.1 mln

* Sees Q1 revenue $30 mln-$35 mln

* Sees Q1 gross margins 62 pct-63 pct

Aug 12 (Reuters) - ShoreTel Inc (SHOR.O) posted quarterly results that edged past market estimates, helped partly by an increase in order volume, and forecast first-quarter revenue in line with analysts' expectations.

ShoreTel, which provides business phone systems carried over the Internet, posted a fourth-quarter net loss of $688,000, or 2 cents a share, compared with a loss of $47,000, or breakeven per share, a year ago.

Excluding items, it earned 3 cents a share, beating market expectations of 1 cent a share.

Revenue dipped 7 percent to $32.4 million.

Analysts on average were expecting revenue of $32.1 million, according to Reuters Estimates.

For the first quarter, the company, expects revenue of $30 million to $35 million, in line with analysts' expectations of $33.2 million.

Shares of the Sunnyvale, California-based company closed at $7.73 Wednesday on Nasdaq. (Reporting by Manasi Phadke in Bangalore; Editing by Anne Pallivathuckal)