UPDATE 1-Tessera Q2 profit below estimates; gives Q3 view

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July 31 (Reuters) - Chip technology developer Tessera Technologies Inc (TSRA.O) posted a lower-than-expected second-quarter profit that was below market expectations, but raised its revenue outlook for the third quarter, saying it sees strong growth in its core business.

The San Jose, California-based company reported a net income of $84,000, or breakeven per share, compared with $9.9 million, or 20 cents a share, a year ago.

Excluding items, the company earned 18 cents a share.

Revenue rose 21 percent to $56.3 million, helped by growth of about 38 percent in royalty and license fees, the company said in a statement.

Analysts on average had expected Tessera to earn 31 cents a share, excluding exceptional items, on revenue of $55.3 million, according to Reuters Estimates.

The company said it expects third-quarter revenue of $62 million to $64 million.

The Royalty and license fees are expected to range between $55 million and $57 million, and includes catch-up royalty payments, it said.

Analysts were expecting the company to earn 41 cents a share on revenue of $57.8 million.

Tessera stock closed 2 percent down at $17.42 Wednesday on Nasdaq. (Reporting by Kuganandhan Paramanandan in Bangalore; Editing by Gopakumar Warrier)