UPDATE 1-Emulex Q1 profit beats market, sees Q2 rev above view

* Q1 adj EPS $0.08 vs est $0.06

* Q1 rev $85.5 mln, beats estimates

* Q2 sales outlook beats estimates

Oct 22 (Reuters) - Storage networking company Emulex Corp (ELX.N) reported a quarterly profit that beat market estimates as it benefited from growth in the Asia-Pacific region, and forecast second-quarter revenue above estimates.

Revenue from Asia-Pacific formed 34 percent of revenue in the first quarter at $29.2 million, compared with 29 percent a year ago.

For the second quarter ending Dec. 27, the company forecast earnings of 10 cents to 12 cents a share, excluding items, on revenue of $88 million to $92 million.

Analysts were expecting earnings of 10 cents a share, excluding exceptional items, on revenue of $86.8 million, according to Thomson Reuters I/B/E/S.

First-quarter net income fell to $3.8 million, or 5 cents a share, from $7.5 million, or 9 cents a share, a year earlier. Excluding items, it earned were 8 cents a share. [ID:nWNAB3080]

Revenue fell 23 percent to $85.5 million.

Analysts expected earnings of 6 cents a share, excluding exceptional items, on revenue of $81.3 million.

Shares of Emulex -- which competes with QLogic Corp (QLGC.O) -- closed at $11.18 Thursday on the New York Stock Exchange.

Wireless chipmaker Broadcom Corp (BRCM.O) bid for Emulex earlier this year, but was rebuffed. (Reporting by S. John Tilak in Bangalore; Editing by Unnikrishnan Nair)