UPDATE 1-Amdocs Q2 profit falls; gives in-line Q3 view

* Q2 adj EPS $0.50 vs est. $0.48 * Q2 rev down 8 pct to $711.1 mln * Sees Q3 adj EPS $0.46-$0.50 vs est. $0.48

* Sees Q3 rev about $670-$690 mln vs est. $686.5 mln

April 22 (Reuters) - Amdocs Ltd (DOX.N), a maker of phone-billing and customer-management software, reported a lower quarterly profit, hurt by extended sales cycles and project delays, and forecast third-quarter results largely in line with analysts' expectations.

"Sales cycles remained extended, particularly for larger, transformational projects, and certain customers delayed commitments for new projects," Chief Executive Dov Baharav said in a statement.

Amdocs said it expects 2009 revenue to be down 10 percent to 12 percent compared to 2008, partially due to foreign currency effects, and fourth-quarter revenue likely to decline sequentially.

For the second quarter ended March 31, the company reported earnings of $80.6 million, or 39 cents a share, compared with $99.9 million, or 46 cents a share, in the year-ago period.

Excluding items, it earned 50 cents a share. Revenue fell about 8 percent to $711.1 million.

Analysts on average were expecting earnings of 48 cents a share, before items, on revenue of $704.2 million, according to Reuters Estimates.

For the third quarter, the company expects earnings of 33 cents to 38 cents a share, on revenue of about $670 million to $690 million. Excluding items, it sees earnings of 46 cents to 50 cents a share.