Barnes & Noble posts heavy losses as Nook tablet line declinesFebruary 28, 2013 - 20:29 AMT PanARMENIAN.Net - Barnes & Noble has reported heavy losses during its latest fiscal results, with its Nook tablet line among the hardest hit, Digital Spy said. The book retailer posted revenue of $2.2 billion for Q3, a year-on-year decline of 9%, with gross earnings plummeting by 63% to $55.5 million. The Nook tablet range, which is often touted as a rival to Amazon's Kindle business, brought in $316m, marking a decline of almost 26% compared to $427m it generated during the same period in 2011. Barnes & Noble has already lost $47m this year, compared to just $11m at this stage in 2012, but CEO William Lynch insists cost-cutting measures have been put into place and vowed to stand by the Nook brand. "Without question, our bookstores have made a significant contribution to Nook's success over the past three years. And, in turn, our award-winning line of Nook products have proven to be a strong driver of traffic to our stores," he said in a statement. Nook e-readers first entered the market in 2009, bringing competition to Amazon's Kindle line, but the devices have struggled to compete with the influx of mid-range tablets such as the Google Nexus 7 and the iPad mini. Top stories Yerevan will host the 2024 edition of the World Congress On Information Technology (WCIT). Rustam Badasyan said due to the lack of such regulation, the state budget is deprived of VAT revenues. Krisp’s smart noise suppression tech silences ambient sounds and isolates your voice for calls. Gurgen Khachatryan claimed that the "illegalities have been taking place in 2020." Partner news Most popular in the section | Mirzoyan says meeting with Bayramov was “constructive” At the moment, Ararat Mirzoyan said, there is no basis for additional comments. OSCE vows support for Armenia “in all three directions of security” Achieving stable peace between Armenia and Azerbaijan remains a priority of the OSCE, said Ian Borg. 151 detained as civil disobedience campaigns continue in Yerevan Citizens have been blocking streets in the Armenian capital, demanding Nikol Pashinyan’s resignation. France welcomes Armenia-Azerbaijan meeting in Almaty France has welcomed the new round of negotiations between the foreign ministers of Armenia and Azerbaijan. |