UPDATE 1-DragonWave posts seventh straight quarterly loss

July 11 (Reuters) - Telecom network equipment maker DragonWave Inc reported its seventh straight quarterly loss as margins fell.

The company, however, forecast a much higher second-quarter revenue of $35 million to $45 million as it completed the acquisition of Nokia Siemens Networks' microwave technology business.

DragonWave, which uses microwave technology to move data between cellular towers and telecom networks, had second-quarter sales of $13.6 million a year earlier.

Its first-quarter loss widened to $12.6 million, or 35 cents per share, from $9.9 million, or 28 cents per share, a year earlier.

March-May sales rose about 17 percent to $13 million.

DragonWave, which last month cut 68 jobs to save costs, said its gross margin fell to 32 percent from 42 percent last year.

Shares of the Ottawa-based company, which has a market value of $143.6 million, closed at C$3.54 on Wednesday on the Toronto Stock Exchange.