UPDATE 1-ValueClick Q1 results beat estimates

* Q1 earnings of 15 cents beat estimates by 3 cents

* Q1 revenue beats Street

* Q2 sales forecast misses estimates

* Shares rise 5 percent

May 5 (Reuters) - Online advertising firm ValueClick Inc (VCLK.O) posted better-than-expected quarterly results, helped by lower operating expenses, sending its shares up 5 percent in after-market trade.

The company forecast second-quarter earnings of 13 cents to 14 cents a share on revenue of $124 million to $130 million.

Analysts were looking for earnings of 14 cents a share, excluding items, on revenue of $132.6 million, according to Reuters Estimates.

First-quarter net income fell to $13.2 million, or 15 cents a share, from $19.2 million, or 19 cents a share, a year earlier.

Revenue fell 20 percent to $135 million. [ID:nWNAB3612]

Analysts expected earnings of 12 cents a share, excluding exceptional items, on revenue of $130.4 million, according to Reuters Estimates.

Shares of the company were trading up 5 percent at $11.35 in trading after the bell. They closed at $10.84 Tuesday on Nasdaq. (Reporting by Shrutika Verma in Bangalore; Editing by Anil D'Silva)