Why National Instruments Stock Tumbled Today
Shares of NI (NASDAQ: NATI), formerly National Instruments, slumped on Friday after the provider of measurement and automation products reported its second-quarter results. While the company beat analyst estimates for earnings, revenue declined by more than expected. The stock was down about 11.3% at 11:30 a.m. EDT.
NI reported second-quarter revenue of $301 million, down 10% year over year and about $3.5 million below the average analyst estimate. Revenue slumped by 8% on an organic basis. Product revenue was down 11.2% to $266.3 million, while software maintenance revenue was up 1.8% to $35.1 million.
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Source Fool.com
