UPDATE 2-Polycom first-quarter profit falls, sees weak Q2 rev

* Q1 adj EPS $0.27 vs est. of $0.26

* Q1 rev $225.4 mln vs est. $234.3 mln

* Sees Q2 revenue flat to down 4 pct sequentially

* Shares down about 7 pct after the bell (Adds outlook, analyst's comments, updates share movement)

By Mansi Dutta

BANGALORE, April 15 (Reuters) - Video conferencing products maker Polycom Inc (PLCM.O) posted a nearly 44 percent drop in quarterly profit hurt by a sharp fall in sales of its voice communications products, and forecast lower-than-expected revenue for the second quarter.

Shares of the company were down more than 7 percent in trading after the bell. They had closed at $16.93 in regular trading Wednesday on Nasdaq.

Revenue from the voice communications segment, which makes conference phone products, dropped more than 30 percent to $69 million in the first quarter. Sales from the video services segment fell 2 percent to $156.4 million.

Polycom and Norway's Tandberg (TAA.OL) dominate the video conferencing market, which is expected to grow as companies looking to cut travel costs in a bleak economy choose video conferencing as a cheaper alternative to face-to-face meetings.