Feb 5 (Reuters) - PTC PTC.O cut its full-year revenue and adjusted earnings forecasts on Wednesday amid increasing competition and fears over President Donald Trump's tariff policy, which could result in fewer takers for its industrial and testing software.

Shares of the company were down 2.8% after the bell.

PTC offers product lifecycle management $(PLM)$ software, which helps in development and manufacturing of products. The company faces stiff competition from AutoDesk ADSK.O, Siemens SIEGn.DE and Dassault Systems DAST.PA.

Boston-based PTC now expects full-year revenue to be between $2.43 billion and $2.53 billion, below its previous forecast of $2.51 billion to $2.61 billion.

U.S. automakers — customers of PTC — are exposed to any tariff implementations by Trump.

The U.S. president imposed a steep 25% tariff on Mexico and Canada, and a 10% tariff on China last week. Initially set to take effect on Feb. 4, he agreed to a 30-day pause for tariffs on Mexico and Canada in return for concessions on its borders.

PTC now expects adjusted earnings per share between $5.30 and $6.00 for the full year, below its previous estimate of between $5.60 and $6.30.

Among PTC's clients is Volkswagen VOWG_p.DE, one of the most exposed automakers in Europe from tariffs, according to Stifel.

PTC expects revenue to be between $590 million and $620 million in the second quarter, below analysts' average estimate of $648.7 million, according to data compiled by LSEG.

PTC projected adjusted earnings per share of $1.30 to $1.50 for the quarter, compared with analysts' estimate of $1.62.

It posted revenue of $565 million for the first quarter ended Dec. 31, compared with the average analyst estimate of $552.1 million.

Excluding items, PTC earned $1.10 per share, above estimates of 89 cents.

(Reporting by Rishi Kant in Bengaluru; Editing by Maju Samuel)

((Rishi.Kant@thomsonreuters.com;))