AUSTIN, TX – National Instruments reported second quarter revenue of $334 million, down 2% year-over-year and up 7% sequentially.

GAAP net income was $29 million, a decrease of 8% compared to the second quarter of 2018. For the first six months, GAAP net income was down 6%.

Cash and short-term investments were $440 million as of June 30. Cash flow from operating activities of $264 million for the twelve months ended June 30 was up 11% year-over-year. Total orders were down 4%; orders under $20,000 were down 6%; orders over $20,000 were down 2% year-over-year.

“I am pleased with our execution this quarter, despite external disruptions in our industry,” said CEO Alex Davern. “Revenue came in at 98% of the midpoint of our guidance, and we delivered an all-time record non-GAAP net income for a second quarter. We are on a journey to position NI for long-term growth, and I believe we have an opportunity to deliver significant operating leverage when the market dynamics recover. I remain optimistic about our opportunity for growth
and delivering 18% non-GAAP operating margin through the cycle.”

Geographic revenue in US dollar terms was down 1% in the Americas, up 5% in APAC and down 10% in EMEIA.

NI expects third quarter revenue in the range of $325 million to $355 million.

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