UPDATE 1-Diebold Q4 results trail Street, to cut jobs

* Q4 adj EPS from cont ops $0.29 vs est $0.41

* Q4 rev $724.9 mln vs est $742.3 mln

* Says North American market remains challenging

* To cut about 350 jobs by mid-Feb.

Feb 3 (Reuters) - Automated teller machine maker Diebold Inc (DBD.N) posted quarterly results that trailed Wall Street expectations, and said it would cut about 350 jobs as part of its plan to restructure its North American operations.

"We are realigning our organization and resources to better support our opportunities in the emerging growth markets," Chief Executive Thomas Swidarski said in a statement.

The company also said its business related to bank branch construction in North America remains challenging and will likely not return to historical norms in the near future.

Diebold, which competes with NCR Corp (NCR.N) in the ATM space, sees 2010 earnings of $1.90 to $2.15 a share, excluding items. It expects sales to rise 4 percent to 9 percent for the year.

Analysts are expecting a profit of $2.06 per share on revenue of $2.89 billion for the year, according to Thomson Reuters I/B/E/S.

For the fourth quarter, net income was $16.7 million, or 25 cents a share, compared with $1.1 million, or 2 cents a share, a year ago.

Excluding charges, it earned 29 cents a share, missing analysts' estimates for earnings of 41 cents a share.

Revenue fell 8 percent to $724.9 million, about $17.4 million lower than market expectations.

Diebold shares closed at $28.46 Tuesday on the New York Stock Exchange.

For the alerts, click here. [ID:nWNAB2261] (Reporting by Deepti Govind in Bangalore; Editing by Anil D'Silva)