(Recasts, adds details, outlook, share movement)

Feb 5 (Reuters) - FormFactor Inc (FORM.O: Quote, Profile, Research) posted quarterly revenue below analysts' estimate, hurt by a deteriorating market for memory chips used in personal computers, and forecast a surprise first-quarter loss, sending shares down 24 percent in after-hours trading.

The semiconductor wafer probe card maker said it will reduce about 14 percent of its global workforce to cut costs and record related charges of $4 million to $5 million, with most of the charges being recorded in the first quarter.

"Market conditions, particularly in DRAM (dynamic random access memory), began to deteriorate in Q4 and that weakness has continued into Q1," Chief Executive Igor Khandros said in a statement.

For the first quarter, the company sees a loss of 10 cents to breakeven per share, excluding items, and revenue of $70 million to $80 million. Including items, it expects a loss of 15 cents to 25 cents a share.

Analysts on average were looking for earnings of 34 cents a share, before items, on revenue of $124.1 million, according to Reuters Estimates.

For the fourth quarter, FormFactor posted a net income $14.4 million, or 29 cents per share, compared with $17.5 million, or 37 cents per share, in the year-ago quarter.

Quarterly revenue rose 22 percent to $120.5 million. Analysts expected $125.2 million.

Shares of the company were trading at $17.60 after the bell. The stock had closed down more than 11 percent at $23.19 Tuesday on the Nasdaq. (Reporting by Savio D'Souza and Amulya Nagaraj in Bangalore; Editing by Deepak Kannan)