AUSTIN, TX — National Instruments Corporation announced revenues of $428 million in the third quarter, up 17% year-over-year, an all-time quarterly record.

The company also reported record revenue of $1.2 billion, up 15 percent year-over-year, and projects fourth-quarter revenues in the range of $435 million to $465 million.

"We achieved very strong performance in the third quarter with record orders, revenue and non-GAAP EPS for a third consecutive quarter." said Eric Starkloff, NI President and CEO. "The initiatives that we’ve executed since 2017 have transformed NI into a company with higher growth, better profitability, and lower cyclicality. We believe these strategic shifts position us to meet our three year plan for growth and margin expansion.

"We planned ahead and are taking action in anticipation of a semiconductor downturn and the impact of a weaker macro economy. Looking ahead, we will continue to sharpen our focus on making intentional investments for growth, pivoting to new customer opportunities, and on continuing to increase scale and leverage across our business," said Karen Rapp, NI CFO. "Through disciplined cost management, we remain focused on delivering on our commitment to increase non-GAAP operating margin by 100 basis points in 2022."

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