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UPDATE 1-Cirrus Q1 results top Wall Street; shares fall

* Q1 adj EPS $0.29 vs est $0.28

* Q1 rev more than doubles

* Q2 rev view upbeat

* Shares down 6 pct in pre-market trade

July 20 (Reuters) - Chipmaker Cirrus Logic Inc CRUS.O posted quarterly results beating estimates and forecast strong second quarter revenue, but failed to impress investors who sent the stock down 6 percent in premarket trade.

“The quarter exceeded consensus estimates, though I think some may have believed it would come in higher,” CapStone Investment analyst Jeff Schreiner said.

“The only other concern that investors may have is the roughly 6 percent increase in dilution,” Schreiner said.

The company, reported 70.8 million average diluted shares outstanding, up from 65.3 million last year.

Cirrus, which makes high-precision, analog and mixed-signal integrated circuits for the audio and energy markets, sees second-quarter revenue of $98 million to $106 million.

Analysts on average expect $86.2 million, according to Thomson Reuters I/B/E/S.

For the first quarter the company posted net income of $17.6 million, or 25 cents a share. Excluding special items, the company earned 29 cents a share, above analysts’ estimates of 28 cents.

Revenue more than doubled to $81.9 million. Revenue from audio products segment was $54 million, up from $24.8 million last year. Analysts were looking for revenue of $81.2 million.

Cirrus chips are known to have gone into Apple Inc's AAPL.O hot-selling next-generation iPhone 4, according to an analysis by technology firm iFixit. [ID:nN22173479]

Shares of the Austin, Texas-based company, which were up 68 percent over the past three months, were down $1.07 at $16.42 in pre-market trade. They closed at $17.49 Monday on Nasdaq. (Reporting by Saqib Iqbal Ahmed in Bangalore; Editing by Don Sebastian)

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