UPDATE 1-Avago third quarter beats Wall Street

* Q3 adj. EPS $0.61 vs est. $0.53

* Q3 revenue $550 mln vs est. $545.4 mln

Aug 24 (Reuters) - Chipmaker Avago Technologies (AVGO.O) reported quarterly results that came above Wall Street estimates, driven by a strong performance at its industrial and automotive segment.

The Singapore-based designer of analog semiconductor devices reported a rise in net income to $123 million, or 50 cents per share, from $2 million, or a cent per share, a year earlier.

Excluding items, it earned 61 cents per share, above analysts' forecast of 53 cents per share, according to Thomson Reuters I/B/E/S.

Revenue for the company, which serves Cisco Systems (CSCO.O), Hewlett-Packard (HPQ.N) and Motorola Inc MOT.N among others, rose 52 percent to $550 million, beating analyst forecast of $545.4 million.

Revenue at its industrial and automotive segment almost doubled to $31 million.

Avago, which was spun off from Agilent Technologies (A.N) and bought by private equity firms KKR and Silver Lake Partners, was listed in August 2009.

Shares of the company, which are up 23 percent since their listing, closed at $20.24 Tuesday on Nasdaq. (Reporting by Mansi Dutta in Bangalore; Editing by Vyas Mohan)