UPDATE 1-Omniture posts Q1 net loss, Q2 view below estimates

* Q1 adj shr $0.10, short of estimates by 2 cents

* Q1 rev up 38 pct to $87.2 mln, beats estimates

* Sees Q2 shr, rev below estimates

* Shares fall as much as 20 pct

April 23 (Reuters) - Omniture Inc OMTR.O, which provides online business optimization software, posted a narrower quarterly loss, but forecast second-quarter results short of market expectations, sending shares down as much as 20 percent.

First-quarter net loss narrowed to $8.2 million, or 11 cents a share, from loss of $12.9 million, or 19 cents a share, a year ago.

Operating expenses rose 12 percent to $58.2 million for the quarter.

The company expects second-quarter non-GAAP earnings of 11 cents to 12 cents a share, on revenue of $87.6 million to $88.6 million.

Analysts on average were expecting second-quarter earnings of 13 cents a share, before special items, on revenue of $88.8 million, according to Reuters Estimates.

Shares of the company were down 10 percent at $12.38 in morning trade Thursday on Nasdaq. They touched a low of $10.97 earlier. (Reporting by Savio D'Souza in Bangalore; Editing by Ratul Ray Chaudhuri)