UPDATE 1-Super Micro Q4 profit lags, sees tepid Q1; shrs fall

* Q4 adj EPS $0.21 vs est. $0.22

* Q4 rev up 63 pct, beats estimates

* Sees Q1 adj EPS $0.21-$0.25 vs est $0.25

* Shares down 11 pct after mkt

Aug 3 (Reuters) - Server developer Super Micro Computer Inc (SMCI.O) posted quarterly profit that missed estimates by a cent, as gross margins fell and operating costs rose, and forecast current-quarter profit largely below expectations, sending its shares down 11 percent.

For the fourth quarter ended June 30, gross margins fell to 15.3 percent from 16.6 percent a year ago, while operating expenses rose 17 percent.

Fourth-quarter net income grew more than three fold to $7.7 million, 18 cents a share.

Excluding items, the company earned 21 cents a share, against expectations of 22 cents a share, according to Thomson Reuters I/B/E/S.

Net sales jumped 63 percent to $201.7 million, besting estimates of about $199 million.

For the current quarter, the company expects adjusted profit of between 21 cents to 25 cents a share. Analysts were expecting earnings of 25 cents a share. [ID:nASA00LQ0]

Shares of the San Jose, California-based company were trading down $1.47 at $12.03 in post-market trade. They closed at $13.50 Tuesday on Nasdaq. (Reporting by Sayantani Ghosh in Bangalore; Editing by Unnikrishnan Nair)