UPDATE 1-ION Geophysical posts Q3 loss, suspends outlook

* Q3 loss $0.06/shr vs est loss $0.03

* Q3 rev down 53 percent to $102.4 million

* Shares down 8 percent after-market

Nov 4 (Reuters) - ION Geophysical Corp (IO.N), which provides seismic data services to oil companies, posted a wider-than-expected quarterly loss, partly hurt by the impact of the downturn on the Russian and North American markets, and suspended its earnings guidance citing "lack of visibility on year-end spending patterns."

Third-quarter net loss was $6.8 million, or 6 cents a share, compared with earnings of $24.9 million, or 25 cents a share, a year earlier.

Revenue fell 53 percent to $102.4 million. Revenue from its land imaging systems fell 81 percent to $15.2 million.

Analysts on an average expected a loss of 3 cents a share, before items, on revenue of $102.6 million, according to Thomson Reuters I/B/E/S.

"We do believe the market has bottomed and, with stronger -than-expected oil prices, we are starting to see some early indications of strengthening markets for 2010 and the possibility of some incremental year-end spending by oil companies," Chief Executive Bob Peebler said in a statement.

Shares of the company were down 8 percent at $3.63 in after-market trade. They closed at $3.93 Wednesday on the New York Stock Exchange. (Reporting by Arundhati Ramanathan in Bangalore; Editing by Unnikrishnan Nair)