UPDATE 1-Blue Coat Q1 rev lags, sees Q2 largely below Street

* Q1 adj EPS of 40 cents vs est. 37 cents

* Q1 rev $122.5 mln vs est. $124.4 mln

* Sees Q2 adj EPS of $0.34-$0.40 vs est $0.39

* Shares down 5 percent after the bell

Aug 19 (Reuters) - Blue Coat Systems Inc's BCSI.O quarterly revenue rose but fell short of analysts' expectations, hurt by weakness in the Europe, Middle East and Africa region, and the Internet-monitoring equipment maker forecast its second quarter largely below Street.

Shares of the company, which have lost 36 percent of their value in the last 3 months, were trading down 5 percent at $18 after the bell. They closed at $18.95 Thursday on Nasdaq.

The company, which competes with Websense Inc (WBSN.O) and Cisco Systems (CSCO.O), said it expects to earn 34-40 cents a share, before items, on revenue of $117-$124 million for the second quarter.

Analysts on average were looking for adjusted earnings of 39 cents a share, on revenue of $129.0 million, according to Thomson Reuters I/B/E/S.

For the first quarter ended July 31, the company earned $13.9 million, or 29 cents per share, compared with a net income of $4.0 million, or 9 cents per share, a year earlier.

Excluding items, it earned 40 cents a share. Revenue rose 6 percent to $122.5 million.

Analysts expected earnings of 37 cents a share, excluding exceptional items, on revenue of $124.4 million. (Reporting by Mansi Dutta in Bangalore)