National Instruments reported quarterly revenue for Q2 2010 of $212million, representing a 39 per cent year-on-year increase and an 11 per cent sequential increase. For the first half of 2010, the company reported a 30 per cent increase in revenue and a 15 per cent increase in non-GAAP operating expenses compared to the first half of 2009. GAAP operating expenses grew by 14 per cent in the first half of 2010, compared to the first half of 2009. Growing non-GAAP expenses at half the rate of revenue delivers on the goal expressed by the company at the 2009 NIWeek Investor Conference.
Dr James Truchard, co-founder, president, and CEO, states: "While the economy remains uncertain, our outstanding performance in the first half of the year and our strong Q3 guidance give us confidence that we will be able to deliver record annual revenue and record annual profitability in 2010. We plan to maintain a disciplined approach to expense management as we increase our investments to drive long-term profitable growth through strategic R&D and sales initiatives."
NI virtual instrumentation and graphical system design product sales were up 38 per cent year-on-year. NI instrument control product sales were up 54 per cent year-on-year but remain 17 per cent below Q2 2008 levels. Product revenue was $195million, up 39 per cent from Q2 2009, and software maintenance revenue was $17million, up 37 per cent year-over-year. Geographically, revenue in US dollar terms for Q2 2010 compared to Q2 2009 was up 32 per cent in the Americas, up 28 per cent in Europe and up 66 per cent in Asia. In local currency terms, revenue was up 19 per cent in Europe and up 52 per cent in Asia.