UPDATE 2-Zoran sees surprise Q2 loss; shares fall

* Q1 adj shr loss $0.03, in line with estimates

* Q1 rev $90.5 mln vs est $92.6 mln

* Sees Q2 adj shr loss $0.05-$0.09 vs est profit of $0.11

* Sees Q2 rev $90 mln-$94 mln vs est $109.9 mln

* Shares dip 7 percent in after-hours trade

April 26 (Reuters) - Chipmaker Zoran Corp's ZRAN.O first-quarter revenue trailed estimates due to reduced orders from two of its customers and a drop in average selling prices, and the company forecast a surprise second-quarter loss.

Shares of the company -- whose chips are used in digital televisions, cameras, mobile phones, set-top boxes and printers -- tumbled 7 percent in after-hours trade.

"Revenues for the first quarter were negatively impacted by an unexpected decline in DTV," Chief Executive Levy Gerzberg said in a statement.

The company forecast a second-quarter loss of 5 cents to 9 cents a share. Analysts were anticipating a profit of 11 cents a share, according to Thomson Reuters I/B/E/S.

Zoran, which caters to the digital entertainment and digital imaging markets, also forecast revenue of $90 million to $94 million for the quarter, lower than Wall Street estimates of $109.9 million.

For the first quarter, net loss was $4.0 million, or 8 cents per share, compared with a loss of $21.1 million, or 41 cents a share, in the year-ago period.

Excluding items, Zoran posted a loss of 3 cents per share, in line with Wall Street expectations.

Revenue rose 32 percent to $90.5 million, but trailed analysts' estimate of $92.6 million.

Zoran's shares, which have gained 8 percent in the last six months, were down 78 cents at $10.25 in extended trade. They closed at $11.03 Monday on Nasdaq.

For the alerts, click here. [ID:nWNAB2108] (Reporting by Deepti Govind in Bangalore; Editing by Ratul Ray Chaudhuri)