UPDATE 1-NetSuite 1st-qtr billings fall sequentially

* Q1 billings down 12 pct sequentially

* Q1 adj EPS $0.06 vs est $0.03

* Q1 rev up 30 pct to $69.3 mln vs est $67.8 mln

* Sees Q2 adj EPS $0.03 to $0.04 vs est $0.04

* Sees Q2 rev $73.0 mln to $73.5 mln vs est $72.3 mln

By Chandni Doulatramani

April 26 (Reuters) - Business software maker NetSuite Inc posted a sequential fall in billings for the first quarter, sending its shares down as much as 4 percent in trading after the bell.

Billings, a key metric for software-as-a-service firms, fell 12 percent sequentially to $69.3 million.

The average selling price in the first quarter was flat, compared with an increase of 98 percent last year.

Lack of improvement in the average selling price affected the billings, analyst Scott Berg of Feltl & Co told Reuters.

Billings in the second quarter would slightly increase to 26 percent to 30 percent, said analyst Jeffrey Houston of Barrington Research.

The company, which is majority owned by Oracle Corp's billionaire Chief Executive Larry Ellison, expects earnings of 3-4 cents per share on revenue of $73 million to $73.5 million in the second quarter.

Analysts, on average, were expecting earnings of 4 cents per share on revenue of $72.3 million, according to Thomson Reuters I/B/E/S.

First-quarter net loss narrowed to 11 cents per share from 12 cents per share a year ago.

Excluding items, the company earned 6 cents per share.

Revenue for the quarter rose 30 percent to $69.3 million. Subscription and support revenue grew 27 percent.

Analysts, on average, had expected 3 cents per share on revenue of $67.8 million.

Shares of the San Mateo, California-based company closed at $50.47 on Thursday on the New York Stock Exchange.