UPDATE 1-Intel's quarterly beat, raised forecasts send shares higher

(Adds share, full-year forecast)

July 27 (Reuters) - Intel Corp reported a better-than-expected quarterly profit, and the world's largest chipmaker raised its full-year forecasts, sending its shares up 4.2 percent after the bell.

The company said on Thursday it expected full-year adjusted earnings to be $3 per share, plus or minus 5 percent. The new forecast is 15 cents per share higher than the company's previous estimate.

Intel also increased its full-year revenue forecast by $1.3 billion to $61.3 billion, plus or minus $500 million.

Analysts on average were expecting earnings of $2.86 per share and revenue of $60.22 billion, according to Thomson Reuters I/B/E/S.

"Based on our strong first-half results and higher expectations for the PC business, we're raising our full-year revenue and EPS forecast," Chief Financial Officer Bob Swan said in a statement.

Intel's net income rose to $2.81 billion, or 58 cents per share, in the second quarter ended July 1 from $1.33 billion, or 27 cents per share, a year earlier. (http://bit.ly/2h6LbO2)

On an adjusted basis, Intel earned 72 cents per share, ahead of analysts' average estimate of 68 cents per share.

Profit in the prior-year quarter was hurt by a charge of $1.41 billion related to Intel's cost-cutting drive.

Revenue rose to $14.76 billion from $12.53 billion.

Adjusted for certain items, Intel reported revenue of $14.76 billion, also ahead of estimates of $14.41 billion. (Reporting by Ismail Shakil in Bengaluru; Editing by Maju Samuel and Sriraj Kalluvila)