UPDATE 1-TranSwitch to revise Q4 results

* To revise Q4 results

* Q4 loss to be reduced to 3 cents/shr from 4 cents/shr

* To reduce leased office space by 24,000 square feet

March 2 (Reuters) - Chip-maker TranSwitch Corp TXCC.O said it revised its fourth-quarter results after it corrected its accounting for a restructuring provision.

As a result, the company said the earlier reported net loss for the quarter ended Dec 31, 2008 will be reduced from $5.7 million, or 4 cents a share, to $4.3 million, or 3 cents a share.

The net loss for the year ended Dec 31, 2008 will also be reduced to $17 million, or 12 cents a share.

The company said it had reached an agreement to reduce its leased office space in Connecticut by 24,000 square feet, which will reduce its lease obligation, through November 2012, by about $1.5 million.

Shares of the company closed down 3.5 percent at $0.27 Monday on Nasdaq. (Reporting by Kunal Raina in Bangalore; Editing by Jarshad Kakkrakandy)