UPDATE 1-Amkor Q2 profit rises; to cut 600 jobs in Q3

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Aug 5 (Reuters) - Amkor Technology Inc (AMKR.O), a microchip packaging and testing company, reported better-than-expected quarterly profit, but forecast third-quarter results below market expectations on softening consumer markets and economic uncertainty.

The company also said it would cut more than 600 jobs in the current quarter as part of its ongoing efforts to improve factory performance and manage costs.

Second-quarter net income rose to $65 million, or 33 cents a share, from $31.0 million, or 16 cents a share in the year-ago period.

The latest quarterly results include a $10 million gain, with no net tax effect, or 5 cents a share, from a real estate sale.

Chandler, Arizona-based Amkor said sales for the quarter was $690.7 million, down 1 percent sequentially but in line with it prior warning.

Analysts on average had expected earnings of 27 cents a share, excluding any exceptional items, on revenue of $693.6 million, according to Reuters Estimates

For the third quarter, the company expects earnings of 24 cents to 28 cents a share. Revenue is expected to fall 4 percent to 6 percent sequentially to about $649.5 million to $663.1 million.

Analysts were expecting a profit of 35 cents a share, before special items, on revenue of $740.3 million.

Amkor shares rose about 9 percent to $8.95 in extended trading after closing at $8.23 in regular trade on Nasdaq. (Reporting by Savio D'Souza in Bangalore; Editing by Gopakumar Warrier)