UPDATE 2-Rambus cuts outlook, shares fall 8 percent

* Cuts Q2 revenue outlook to $26.7-27.2 mln

* Previously forecast $27-30 mln

* Shares down over 8 pct after-hours (Adds details on litigation costs, updates share move)

NEW YORK, June 22 (Reuters) - U.S. chip design company Rambus Inc (RMBS.O) lowered its revenue outlook for the second quarter and forecast higher litigation costs, sending its shares down more than 8 percent in after-hours trade.

Rambus estimated revenue of $26.7 million to $27.2 million for the quarter, down from its initial forecast of $27 million to $30 million.

"Our updated guidance reflects the impact of the current macro-economic situation and its effect on the sales of semiconductors and consumer electronic systems," Chief Executive Harold Hughes said in a statement.

Rambus shares fell 8.3 percent to $16.35 in after-hours trade after closing down 4.65 percent.

In addition to slower chip sales, Rambus has been waging legal battles around the world arguing that other chipmakers have violated its patents on the dynamic random access memory (DRAM) that is used in virtually all personal computers.

The company forecast adjusted operating expenses, excluding items but including litigation expenses, of $42 million to $45 million, compared with an initial estimate of $43 million to $48 million.

It said it now expected litigation costs of between $15 million and $17 million compared to its previous estimate of $12 million to $16 million.

Earlier this month, the European Union Official Journal reported Rambus agreed to cut its royalties in order to settle charges brought by the European Commission.

Other disputes involve: Samsung Electronics (005930.KS), Hynix (000660.KS) and Micron Technology (MU.N). Rambus has accused the three of illegally fixing prices, hurting the sale of the DRAM chips it designed. (Reporting by Ritsuko Ando; Editing by Richard Chang, Leslie Gevirtz)