WRAPUP 1-Fairchild, Cypress post narrower-than-expected Q1 loss

* Fairchild Q1 adj loss/shr 32 cents, rev falls

* Fairchild sees Q2 rev above market

* Cypress Q1 adj shr/loss 22 cents

* Cypress Q1 rev beats market view

* Fairchild stock rises 13 pct, Cypress hits year-high

April 16 (Reuters) - Chipmakers Fairchild Semiconductor International Inc (FCS.N) and Cypress Semiconductor Corp CY.N posted narrower-than-expected quarterly losses and saw strong bookings for the second quarter as demand from customers stabilizes.

The companies said they were witnessing signs of improved demand even though sales for the first quarter saw a decline and gross margins fell.

"Customers are beginning to place backlog orders and to restock depleted inventory levels," Cypress Chief Executive T.J. Rodgers said in a statement.

Cypress said it expects second-quarter revenue to beat market estimates.

The news comes in at a time when chipmakers around the world have been hard hit by a slump in demand for chips used in electronic products and automobiles.

Fairchild, which makes power management and analog microchips, said its scheduled backlog for the second quarter is about $250 million, which is $45 million higher sequentially.

"We aggressively reduced inventory in our distribution channel which we believe will enable us to increase sales closer to customer consumption levels in second quarter," Fairchild's Chief Executive Mark Thompson said in a statement.

Assuming continued order patterns, Fairchild expects second-quarter revenue of $250 million to $270 million, compared with analysts' view of $242.7 million, with a gross margin of 21 percent to 24 percent.

Cypress said ordering patterns began to stabilize in early first quarter and it entered the second quarter 62 percent booked.

Cypress shares were up 5 cents at $7.38, while Fairchild shares were up 36 cents at $5.11 in morning trade on the New York Stock Exchange.

For alerts on the companies' quarterly results, double click [ID:nWNAB4007] [ID:nWNAB3983] . (Reporting by Shrutika Verma in Bangalore; Editing by Gopakumar Warrier)