UPDATE 1-DragonWave posts Q1 profit on higher N.America sales

* Q1 EPS $0.26 vs loss $0.08/shr last year

* Q1 rev up four times at $48.7 mln

* Sees Q2 rev at $25 mln

July 7 (Reuters) - Canadian telecom equipment maker DragonWave Inc (DWI.TO) DRWI.N reported a first-quarter profit, helped by higher sales in North America, but said it expects lower second quarter revenue.

DragonWave, which has started reporting results in U.S. dollar terms starting first quarter , expects the current quarter revenue to be around $25 million, compared with $33.87 million (C$35.5 million) same period last year.

The company said it expects its largest customer Clearwire Corp (CLWR.O) to contribute 25 percent of the total revenue in the second quarter, down from a 77 percent contribution last year.

Clearwire contributed 78 percent to first-quarter revenue.

For the first quarter ended May 31, DragonWave reported net income of $9.7 million, or 26 cents a share, compared with a loss of $2.4 million, or 8 cents a share last year.

Revenue rose nearly four times to $48.7 million.

The company said revenue from customers in the North America was $42.9 million, compared with $10.5 million last year.

Shares of the company closed at C$5.84 Wednesday on the Toronto Stock Exchange. Its shares closed at $5.61 on Nasdaq. ($1=1.048 Canadian Dollar) (Reporting by Aftab Ahmed in Bangalore; Editing by Vyas Mohan) (aftab.ahmed@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: aftab.ahmed.reuters.com@reuters.net))