UPDATE 1-ValueClick Q1 profit up, forecasts Q2 below market view

(Recasts, adds outlook, share movement, analyst's comment)

May 2 (Reuters) - Online marketing company ValueClick Inc. (VCLK.O) said first-quarter profit nearly doubled as all of its segments performed better than expected, but forecast second-quarter earnings below Wall Street estimates.

The Westlake Village, California-based company raised its earnings outlook for 2007 based on the first-quarter results.

Shares of ValueClick fell more than 2 percent in late electronic trade.

Kaufman Brothers Equity Research analyst Sameet Sinha said the raise in forecast was not as much as investors were hoping for, given that the company had been beating market expectations and providing strong outlook for some quarters now.

ValueClick reported earnings of $18.6 million, or 18 cents a share, compared with $9.8 million, or 9 cents a share, a year ago. Revenue rose 34 percent to $156.9 million.

Analysts had expected the company to earn 17 cents a share, on revenue of $149.2 million, according to Reuters Estimates.

It forecast second-quarter earnings of 17 cents to 18 cents a share, on revenue of $157 million to $159 million.

For the second quarter, analysts on average were expecting earnings of 19 cents a share, on revenue of $158.2 million.

For 2007, ValueClick now expects to earn 79 cents to 81 cents a share, compared with its previous view of 78 cents to 80 cents a share.

It expects revenue of $655 million to $665 million for the period. Its prior outlook was $645 million to $665 million.

Analysts were looking for earnings of 81 cents a share, before exceptional items, on revenue of $664.0 million.

Shares of the company fell to $28.56, after closing at $29.31 on the Nasdaq. (Reporting by Purwa Khandelwal in Bangalore)