* Q1 EPS $0.26 vs loss $0.08/shr last year
* Q1 rev up four times at $48.7 mln
* Sees Q2 rev at $25 mln
July 7 (Reuters) - Canadian telecom equipment maker DragonWave Inc DWI.TO DRWI.N reported a first-quarter profit, helped by higher sales in North America, but said it expects lower second quarter revenue.
DragonWave, which has started reporting results in U.S. dollar terms starting first quarter , expects the current quarter revenue to be around $25 million, compared with $33.87 million (C$35.5 million) same period last year.
The company said it expects its largest customer Clearwire Corp CLWR.O to contribute 25 percent of the total revenue in the second quarter, down from a 77 percent contribution last year.
Clearwire contributed 78 percent to first-quarter revenue.
For the first quarter ended May 31, DragonWave reported net income of $9.7 million, or 26 cents a share, compared with a loss of $2.4 million, or 8 cents a share last year.
Revenue rose nearly four times to $48.7 million.
The company said revenue from customers in the North America was $42.9 million, compared with $10.5 million last year.
Shares of the company closed at C$5.84 Wednesday on the Toronto Stock Exchange. Its shares closed at $5.61 on Nasdaq. ($1=1.048 Canadian Dollar) (Reporting by Aftab Ahmed in Bangalore; Editing by Vyas Mohan) (email@example.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: firstname.lastname@example.org))