AUSTIN, TX -- National Instruments today announced third quarter revenue fell 9% year-over-year and rose 2% sequentially to $308 million.

The GAAP net loss was $5 million and non-GAAP net income was $30 million.

Orders fell 7% from a year ago,, with orders over $20,000 down 4% and orders under $20,000% down 11%. Orders in the Americas region were relatively flat, down 16% in EMEA, and down 7% in APAC during the quarter.

Orders and sales attributable to operations in India are now included in the APAX region, a change from a year ago when the results were included with EMEA.

Geographic revenue was down 11% in the Americas, down 5% in APAC and down 12% in EMEA. Excluding the impact of foreign currency exchange, revenue was down 11% in the Americas, down 3% in APAC and down 13% in EMEA.

GAAP gross margin was 70% and non-GAAP gross margin was 74%. Total GAAP operating expenses were $218 million, up 1%. Total non-GAAP operating expenses were down 3% at $189 million. GAAP operating loss was $2 million with non-GAAP operating income of $40 million.

For the first nine months, GAAP revenue was $919 million, down 7% year-over-year, while total orders were down 6%. GAAP net income was $139 million, up 34%.

"We have and will continue to take a broad range of actions to ignite growth. Building on our unique software position, we believe we have the opportunity to once again modernize and disrupt our industry," said Eric Starkloff, CEO, NI. "We remain focused on execution in the areas of our business that can drive our growth even within the constraints of an overall weaker spending environment. The actions we are taking, on both reductions and investments, are focused on achieving long-term growth."

"We delivered third quarter revenue above the midpoint of guidance despite the current economic environment. While we have seen positive signs in our business, we remain cautious to the uncertainty that lies ahead," said Karen Rapp, NI CFO. "We remain committed to the execution of our growth and profitability strategy in pursuit of our long-term financial targets. We believe our strong balance sheet and cash position provide us the capability to keep our capital allocation priorities unchanged as we stay committed to shareholder value."

As of September 30, 2020, NI had $290 million in cash and short-term investments. During the third quarter, NI paid $34 million in dividends and repurchased 446,502 shares of our common stock at an average price of $34.86 per share. The NI Board of Directors approved a quarterly dividend of $0.26 per share payable on December 7, 2020, to stockholders of record on November 16, 2020.

NI guided for fourth quarter GAAP revenue of $333 million to $363 million and non-GAAP revenue, which adjusts for the impact of purchase price accounting related to OptimalPlus, of $335 million to $365 million.

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