What happened

Shares of National Instruments (NATI) fell on Wednesday after the company reported mixed first-quarter results. National Instruments reported earnings that were in line with analyst expectations, but its revenue came up well short. The stock was down about 7.5% at 1:10 p.m. EDT, after having been down as much as 15.1% earlier in the day.

So what

National Instruments reported first-quarter revenue of $311.1 million, down 0.3% year over year and about $10 million below the average analyst estimate. Product revenue was down 1% to $277.7 million, while software maintenance revenue grew 5.8% to $33.4 million.

National Instruments hardware and software.

Image source: National Instruments.

Orders over $20,000 were up 6% year over year, while orders under $20,000 were down 6% year over year. Currency knocked down the company's revenue by about $6 million compared to the prior-year period.

Non-GAAP earnings per share came in at $0.30, up from $0.25 in the prior-year period and in line with analyst expectations. GAAP EPS was $0.17, down from $0.18 in the first quarter of last year.

Now what

"I am proud of the team's execution in the first quarter, despite the weakened industrial economy, especially in Europe," said National Instruments CEO Alex Davern.

National Instruments expects to produce second-quarter revenue between $326 million and $356 million, along with GAAP EPS between $0.16 and $0.30, and non-GAAP EPS between $0.28 and $0.42.

While National Instruments was able to boost its adjusted profits, slumping revenue was enough to send the stock lower.