UPDATE 2-STMicro Q4 loss, to cut 4,500 jobs in 2009

* Loss per share, excluding items, 6 cents

* To cut 4,500 net jobs in 2009 to save over $700 million

* Expects Q1 revenue of $1.5 billion to $1.85 billion (Adds details on forecasts, analysts and executives' comments)

PARIS/LOS ANGELES, Jan 27 (Reuters) - Franco-Italian chip maker STMicroelectronics (STM.PA) plans to slash 4,500 jobs in 2009, joining rivals across the globe in fighting dwindling tech spending as it unveiled disappointing quarterly losses and shrinking margins.

Europe's largest chip company, whose top client Nokia (NOK1V.HE) last week announced worse-than-expected earnings, expects to post $1.5 billion to $1.85 billion revenue in the first quarter -- a slide of up to 40 percent and short of consensus estimates.

The company, which like rival Texas Instruments (TXN.N) (TXN.N) is battling an industry downturn, is hoping to save more than $700 million this year through a net reduction of 4,500 jobs.

STMicro also announced it was slashing 2009 capital expenditures by half to $500 million.

The results "reflected the accelerated level of order push-outs and cancellations and decrease in demand as the quarter progressed," Chief Executive Carlo Bozotti said in a statement.

But he added: "We grew our revenues faster than the overall market during 2008 and estimate we are approaching a record level of market share."

The supplier of chips for products from MP3 players to automated door openers reported a net loss of $366 million or 42 cents per share in the fourth quarter, versus a net income of $20 million or 2 cents a share a year ago.

But excluding charges related to restructuring and impairment, inventory step-up, and other-than-temporary impairments on equity investment and certain financial assets, it posted a loss of $57 million, or 6 cents per share, in the fourth quarter versus a profit of $255 million, or 27 cents per share, a year earlier.

Analysts, on average, had expected earnings of 4 cents per share on a comparable basis, according to Reuters Estimates.

Revenue fell 17 percent to $2.28 billion and the company's gross margin stood at 36.1 percent. STMicro had said it expected fourth-quarter margins of about 38 percent.

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A TECH PLAGUE

ST Micro's shares did not trade actively after hours in New York (STM.N) on Tuesday. They ended the day in Paris up nearly 3 percent.