* Q1 EPS of $0.04 misses estimates by a penny

* Q1 revenue down 22 pct

* Q2 sales forecast misses estimates

* Shares fall 16 percent (Adds conference call details)

BANGALORE, May 5 (Reuters) - Harmonic Inc (HLIT.O: Quote, Profile, Research) posted a quarterly profit that narrowly missed market estimates, hurt by continued weakness in its customer order rate, sending its shares down as much as 16 percent in after-hours trade.

The company, which provides fiber optics products that enable video-on-demand services, also forecast second-quarter revenue below market estimates.

"The key challenge was conservative spending by many of our customers around the globe, a continuation of the trend that started in the fourth quarter with direct impact on our first-quarter revenue and our second-quarter revenue forecast," Chief Executive Patrick Harshman said on a conference call with analysts.

The company said it saw pricing pressure in some areas, particularly in the cable sector, which it expects to pressure its second-quarter gross margins.

Cable customers accounted for 57 percent of first-quarter revenue, with Comcast Corp (CMCSA.O: Quote, Profile, Research) contributing 16 percent to its total revenue.