UPDATE 2-Nvidia posts loss but beats estimates

* Loss ex items 9 cents/shr vs consensus 10 cents

* Revenue falls 42 pct but beats estimates

* Sees 5 pct growth in Q2 sales from Q1 (Adds CFO comment on outlook)

SEATTLE, May 7 (Reuters) - Graphics chipmaker Nvidia Corp (NVDA.O) posted a quarterly loss on Thursday, hurt by weak demand from personal computer makers, but beat Wall Street's pessimistic estimates and forecast higher sales this quarter.

Chipmakers like Intel Corp (INTC.O) and Advanced Micro Devices Inc (AMD.N), which owns Nvidia's chief rival ATI, have been hurt this year by the sharp drop in computer sales and technology spending in the midst of a global economic slowdown.

Intel's chief executive indicated last month that the PC market may have already hit bottom, but AMD's CEO was more cautious, saying there was much uncertainty.

Nvidia's executives said it was still hard to gauge market demand and pricing, but did forecast 5 percent growth in sales for the current quarter over the fiscal first quarter.

Nvidia shares fell 4 percent in after-hours trading to $10.29, after closing on Nasdaq at $10.73.

The company, which dominates the high-end graphics-card market along with arch-foe ATI, reported a fiscal first-quarter net loss of $201.3 million, or 37 cents per share, compared with a profit of $176.8 million, or 30 cents per share, in the year-ago quarter.