AUSTIN, TX -- NI today announced first quarter revenue rose 2% year-over-year to $289 million. 

GAAP net income was $15 million, down 20% from a year ago. Non-GAAP net income was $23 million.

GAAP gross margin was 74% and operating expenses were $193 million, up 2% from a year ago. The operating margin was 7%, with GAAP operating income of $20 million, down 15%.

Sales were up 8% in constant currency terms.

“While we continue to adapt to the impact of the US dollar on our results, I am optimistic about our long-term position in the industry and our ability to continue to gain market share,” said Dr. James Truchard, NI president, CEO and cofounder. “I am confident we are building the new product pipeline, channel and operational excellence necessary to drive the long-term growth and profitability of the company. I am particularly excited about our early success in 5G wireless, where our innovative technology platform is enabling researchers to prototype algorithms for next-generation wireless networks.”

“I am pleased to see all regions delivering revenue growth on a constant currency basis,” said Alex Davern, COO and CFO. “We expect to continue to experience a drag on our revenue through the third quarter because of currency headwinds and lower orders from our largest customer; however, entering the fourth quarter we expect to have more favorable compares on both factors, which should allow the strength of our broad-based business to show through.”

NI expects stronger US dollar to reduce its revenue growth (in US dollars) by approximately 700 basis points in the second quarter, based on current exchange rates. The company guided for quarterly revenue of $290 million to $320 million, up 5% from last year in constant currency. 

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