UPDATE 3-Sun earnings to miss forecasts; Oracle unfazed

* Sun sees Q4 profit, revenue missing Wall Street view

* Oracle still sees Sun adding $1.5 bln in oper profit

* Sun Micro shares flat, Oracle down 0.6 pct (Adds analyst comment, previous dateline NEW YORK)

By Jim Finkle

BOSTON, July 14 (Reuters) - Sun Microsystems Inc (JAVA.O) warned that quarterly results will sharply miss Wall Street projections, but the news did not appear to faze Oracle Corp (ORCL.O), which is buying the company for $7 billion.

Oracle, the world's No. 3 software maker, said on Tuesday that it had reviewed Sun's preliminary results and reiterated its expectation that the acquisition would add to profit in the first full year after the deal closes.

Still, Sun's warning to investors underscores concerns that Oracle faces an uphill battle in turning around the money-losing company, whose market share has been declining for years as it lost business to International Business Machines Corp (IBM.N), Hewlett-Packard Co (HPQ.N) and Dell Inc (DELL.O).

Sun, based in Santa Clara, California, projected revenue of $2.58 billion to $2.68 billion for its fiscal fourth quarter ended June 30, shy of analysts' view of $3.06 billion, according to Reuters Estimates. Sun posted revenue of $3.78 billion a year earlier.

Cowen & Co analyst Peter Goldmacher, who has a "neutral" recommendation on Oracle, said he had not expected Sun's revenue to fall as much. "People continue to underestimate how poorly Sun ran its business. Its products are clearly out of favor with the market," he said.