UPDATE 2-Volterra posts Q2 profit; gives Q3 above market view

(Adds outlook, details from conference call)

July 21 (Reuters) - Volterra Semiconductor Corp (VLTR.O), a low-voltage power supply chipmaker, posted a quarterly profit, which beat analysts' expectations, helped by higher gross margins, sending its shares up 3 percent.

The company also forecast third-quarter results above analysts' expectations.

The company reported a second-quarter net income of $5.3 million, or 21 cents a share, compared with a loss of $2.5 million, or 10 cents a share, a year ago. Excluding items, it earned 25 cents a share.

Net revenue rose 55 percent to $28.7 million. Gross margins almost tripled to $16.2 million.

Analysts on average expected the company to earn 18 cents a share, before items, on revenue of $27.4 million, according to Reuters Estimates.

For the third quarter, the company expects non-GAAP earnings of 22 cents to 26 cents a share, on revenue of $29 million to $31 million, the company said in a conference call with analysts.

Analysts on average were expecting earnings of 19 cents a share, excluding items, on revenue of $28.8 million.

The company said it expects its notebook business to drive the growth for the year from the third quarter onwards.

Shares of the Fremont, California-based company were trading up at $15.69 after the bell. They closed at $15.21 in regular trading Monday on Nasdaq. (Reporting by Bijoy Koyitty in Bangalore; Editing by Himani Sarkar and Gopakumar Warrier)