UPDATE 1-Analogic Technologies lowers Q2 outlook

(Recasts; adds details, share movement)

July 2 (Reuters) - Chipmaker Advanced Analogic Technologies Inc (AATI.O) lowered its second-quarter outlook, hurt by weakness in China handset sales and delays in roll out of new handsets by its customers.

Earnings, net revenue and gross margin in the second quarter are expected to be lower than previously estimated, the company said in a statement.

Advanced Analogic said it expects revenue of $20.5 million to $21.5 million.

The company had previously forecast revenue of $24.0 million to $26.0 million and pegged its per-share net results in the range of 1 cent loss to 1 cent profit for the quarter.

Analysts expected the company to report revenue of $23.3 million, according to Reuters Estimates.

The company, which derives more than 50 percent of its revenue from handset market, also expects its results to be hit by a number of charges related to excess inventory and severances.

Shares of Advanced Analogic closed up nearly 3 percent at $4.23 Wednesday on Nasdaq. (Reporting by Anurag Kotoky in Bangalore; Editing by Anil D'Silva)