Nov 24 (Reuters) - Analog Devices Inc on Tuesday forecast fiscal first-quarter revenue that beat Wall Street expectations, but the chipmaker's shares dipped as executives said sales to Huawei Technologies Co Ltd would cease.

For the quarter ending in December, ADI estimated a revenue midpoint of $1.5 billion, beating analysts' expectations of $1.42 billion, according to IBES data from Refinitiv.

Shares dropped 1.4% after ADI announced the forecast with its results, but pared losses to 0.42% at mid-afternoon.

ADI chips are widely used in radio systems for 5G telecommunications networks. Sales to Huawei, which had accounted for about 2% to 3% of the total, will drop to zero because U.S. government regulations have effectively blocked almost all U.S. chip sales to the Chinese company, ADI officials said.

ADI Chief Executive Vincent Roche said in an interview the company expected 5G network buildouts to grow again in China sometime in the first half of calendar 2021, followed by new U.S. rollouts later in 2021 and in Europe in 2022.

"The buildout of 5G in China is going to take place with or without Huawei. It's been declared that it's an essential piece of infrastructure to keep modernizing the Chinese economy," Roche said. "There are two other very viable builders of 5G equipment in China, and there are also Samsung and the Europeans."

For its fiscal fourth quarter, ADI reported revenue of $1.53 billion and adjusted earnings per share of $1.44, beating analysts' expectations of $1.44 billion and $1.32 per share, according to Refinitiv data.

(Reporting by Stephen Nellis in San Francisco; Editing by Richard Chang)