UPDATE 1-OPNET Technologies cuts Q1 outlook, shares fall

* Sees Q1 loss of $0.02-$0.03/shr

* Sees Q1 revenue of $27.5 mln to $27.8 mln

* Shares fall 8 pct

July 9 (Reuters) - Management software provider OPNET Technologies Inc (OPNT.O) cut its first-quarter outlook, saying a larger-than-expected number of deals were delayed or put on hold, sending its shares down 8 percent.

For the first quarter ended June 30, the company expects to post a loss of 2 cents to 3 cents a share, compared with its earlier outlook of a loss of 1 cent a share to a profit of 5 cents a share.

For the quarter, OPNET forecast revenue of $27.5 million to $27.8 million. It had earlier forecast $29 million to $31 million.

"The challenging economy continues to significantly impact our customers' ability to execute purchases, especially purchases of our network planning, engineering and operations solutions," Chief Executive Marc Cohen said in a statement.

Shares of the company were down 74 cents at $8.00 in trading after the bell. They closed at $8.74 Thursday on Nasdaq.

For the alerts, double-click here. [ID:nWNAB5916] (Reporting by Deepti Govind in Bangalore; Editing by Vinu Pilakkott)