AUSTIN, TX – National Instruments reported third quarter revenue of $340 million, down 2% year-over-year and up 2% sequentially.

GAAP net income for the third quarter was $52 million, an increase of 20.9% compared to the same period last year.

Total order values were down 5% compared to the third quarter of 2018. Orders under $20,000 were down 6%, and orders over $20,000 were down 4% year-over-year.

Total GAAP operating expenses were $189 million, down 10% year-over-year.

“In this difficult business environment, we remain focused on our long-term growth strategy,” said CEO Alex Davern. “We believe the differentiation and flexibility of our software-centric platform will enable us to increase market share as customers look for new options to meet market demands. We remain committed to our goal of delivering structurally higher profitability and believe we are on track to achieve our 18% non-GAAP operating margin goal in 2019. With our clear focus on industries, coupled with our strong balance sheet, we believe we are in a position to accelerate growth when the market recovers.”

Geographic revenue in US dollar terms for the third quarter were flat in the Americas, down 2% in APAC and down 4% in EMEIA compared to the same quarter in 2018.

As of Sept. 30, NI had $432 million in cash and short-term investments. During the third quarter, NI paid $33 million in dividends and repurchased 1.1 million shares of common stock at an average price of $42.42.

NI currently expects fourth quarter revenue in the range of $345 million to $375 million.