AUSTIN, TX – National Instruments reported first-quarter net income plunged 98% to $358,000, compared to $17.6 million last year. Revenue for the quarter fell 18% from last year to $15.8 million.

The company cites a severe decline in product revenue for the unfavorable results.
 
For the quarter, NI’s instrumentation and graphical system design products, the majority of its product portfolio, saw a 16% drop in revenue compared to last year. Sales of its instrument control products declined 42%.
 
Non-GAAP net income, excluding items, was $3.11 million for the quarter, compared to $22 million last year.
 
The company will not provide specific second-quarter EPS and revenue guidance but is planning an additional $25 million in cuts to corporate spending.