(Corrects typo in first paragraph)

Jan 23 (Reuters) - Slot-machine maker International Game Technology warned that its full-year profit would more likely be towards the lower end of its previous forecast due to continued weakness in the North American gaming market.

The company also posted weaker-than-expected first-quarter results as its gaming revenue declined for the fifth straight quarter, and its shares fell as much as 13 percent in trading after the bell.

Blaming the trend in its gaming revenue, IGT said it expected full-year profit would more likely be towards the lower end of its previous forecast, with the potential of "further downside risk".

To mitigate the risk, the company said that it was in the process of implementing a number of measures, including cost cuts. It did not give further details.

The company had forecast fiscal 2014 adjusted earnings of $1.28-$1.38 per share in November. Analysts on average are currently expecting a profit of $1.28 per share, according to Thomson Reuters I/B/E/S.

Net income rose to $79.2 million, or 31 cents per share, in the quarter ended Dec. 31, from $65.3 million, or 24 cents per share, a year earlier.

On an adjusted basis, it earned 25 cents per share, missing the analysts' average estimate of 30 cents per share.

Gaming revenues fell 8 percent. However a 4 percent rise in product sales helped total revenue increase 2 percent to $541.2 million. Analysts were expecting revenue of $554.6 million.

IGT shares were down 9 percent at $16.10 in extended trading. They had closed at $17.65 on the New York Stock Exchange on Thursday. (Reporting by Maria Ajit Thomas in Bangalore; Editing by Savio D'Souza)