UPDATE 2-Riverbed guides Q2 above Street; shares up

* Sees Q2 adj EPS $0.21-$0.22, rev $117 mln-$120 mln

* Q1 adj EPS $0.20 vs est $0.18

* Shares up 4 pct in after-market trade (Recasts; adds outlook from conference call, analysts comments, share movement)

BANGALORE, April 22 (Reuters) - Riverbed Technology Inc RVBD.O forecast second-quarter results above Wall Street expectations as IT spending improved, sending the network equipment maker's shares up 4 percent after the bell.

The company projected second-quarter adjusted earnings of 21 cents to 22 cents a share, excluding items, on revenue of $117 million to $120 million.

Analysts polled by Thomson Reuters I/B/E/S projected earnings of 20 cents per share, on revenue of $114.3 million.

“There’s an upgrade cycle happening in the enterprise space,” Piper Jaffray analyst Troy Jensen said.

Networkers -- Juniper Networks JNPR.O, F5 Networks FFIV.O and Polycom PLCM.O -- had a great first quarter, Jensen said.

“All of them were up sequentially, and we’re seeing this in Q1, not Q4 where you see a budget flush.”

“Where you’re seeing the bulk of the IT spending is in larger enterprises and they are looking to optimize their infrastructure, reduce the amount of superflous equipment in office,” Canaccord Adams analyst Paul Mansky said.

Some of the true catalysts behind WAN optimization at the onset is coming back into focus, he added.”

Riverbed has been beefing up its presence in WAN optimization -- a technology that speeds up applications over networks -- as it takes on rivals like Cisco Systems CSCO.O and Blue Coat Systems BCSI.O.

On Wednesday, rival F5 Networks FFIV.O guided third-quarter profit slightly above Street. [ID:nSGE63K0MH]

For the first quarter, Riverbed reported net income of $1.1 million, or 1 cent a share, compared with $1 million, or 1 cent a share a year earlier.

Excluding items, it earned 20 cents a share.

Revenue for the company rose 27 percent to $112.4 million in the first quarter.

“They grew better than normal-seasonal trends,” Jensen said.

Product sales increased 24 percent over the prior year led by solid growth in enterprise sales, Chief Executive Jerry Kennelly said in a statement.

Analysts polled by Thomson Reuters I/B/E/S expected earnings of 18 cents a share, excluding exceptional items, on revenue of $109.16 million.

Shares of the San Francisco-based company were trading up at $30.10 after the bell. They closed at $29.06 Thursday on Nasdaq. (Reporting by Mansi Dutta in Bangalore; Editing by Don Sebastian, Anne Pallivathuckal)