Barnes & Noble Tumbles as Partners Take NOOK Tablet
NEW YORK (TheStreet) -- What was supposed to be Barnes & Noble's
Barnes & Noble shares were tumbling on today's weak earnings report, falling 14% to $16.21.
As part of the book retailer's abysmal fourth-quarter earnings, Barnes & Noble announced that it would be sourcing its NOOK hardware to a third-party to limit the losses associated with developing and building the tablet.
For the quarter, Barnes & Noble lost $2.11 a share on $1.28 billion, a 7% year-over-year decline. Analysts were looking for a loss of 97 cents a share on revenue of $1.33 billion.
The NOOK segment had revenue of $108 million for the quarter, down 34% year-over-year. Device sales continue to be poor, as the tablet game is dominated by the likes of Apple's
What was supposed to be a home run deal for Barnes & Noble, as well as Microsoft