AUSTIN, TX -- National Instruments reported second quarter revenue of $306 million, up 1% year-over-year. 

GAAP net income for the period ended June 30 was $20 million, down from $24.9 million last year. Gross margin was 75% and operating margin was 9%.

For the quarter, NI received $18 million in orders from its largest customer, compared with $10 million in orders from this customer a year ago. Excluding that customer, order growth was down 1% for the quarter, with orders under $20,000 down 3%, orders between $20,000 and $100,000 up 8%, and orders above $100,000 down 12% year-over-year.

“Our platform-based approach built around highly differentiated software has created a large ecosystem of customers, partners and technologies that are key drivers of the long-term growth and profitability of the company,” said James Truchard, NI president, co-founder and CEO. “I am particularly excited about our success in customer applications for prototyping next-generation 5G wireless algorithms and our work with automotive radar for the connected car.”

“I am pleased with our execution in the second quarter despite the revenue headwinds from a weak PMI and currency. Looking forward, we will be focused on increasing our net income while gaining market share through our differentiated platform,” said Alex Davern, NI COO and CFO. “We plan to utilize the strategic investments we have already made while managing expenses carefully, and we remain committed to our long-term operating margin targets.”

NI guided for third quarter revenue of $291 million to $321 million.

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