UPDATE 2-Adobe sees Q1 profit beating expectations

* Sees adjusted Q1 EPS at 44-45 cents, beating Street view

* Sees Q1 revs $783-786 mln, missing Street view $795 mln

* Sees Q2 rev $675-725 mln, missing Street view $778 mln

* Says cost-cutting helped offset revenue shortfall

* Shares rise about 7 pct (Adds estimates, analyst comment, byline. Updates shares)

By Jim Finkle

BOSTON, March 4 (Reuters) - Software maker Adobe Systems Inc (ADBE.O) said it expects its first quarter earnings to beat expectations thanks to cost-cutting measures that helped offset a revenue shortfall, and its shares rose about 7 percent.

The maker of Photoshop, Flash and Acrobat software said on Wednesday that based on preliminary financial information it expects net income of 30 cents a share, and earnings, excluding items, of 44 cents to 45 cents per share for its fiscal first quarter ended Feb. 27. That would beat the 41 cent average analyst forecast, according to Reuters Estimates.

But Adobe forecast revenue at between $783 million to $786 million in the quarter, below the $795 million Wall Street estimate and below the company's previous target of $800 million to $850 million.