National Instruments Corporation provided earnings guidance for the fourth quarter ending December 31, 2022 and provided revenue guidance for the full year of 2023. Fourth quarter of 2022, GAAP revenue to be in the range of $435 million to $465 million, up 7% year over year at the midpoint. GAAP diluted EPS to be in the range of $0.22 to $0.36 for fourth quarter of 2022, down 3% year over year at the midpoint. Non-GAAP diluted EPS expected to be in the range of $0.54 to $0.68, up 2% year over year at the midpoint.

The company laid out the tailwinds in the company's business, including a reduction of backlog in a healthier supply environment that the company believe will contribute to double-digit revenue growth in 2023.