Barnes & Noble revealed today that its core businesses—from brick-and-mortar stores to its Nook e-reader business—are collapsing.
The company posted quarterly revenues of $1.3 billion, down 8.5% from the same period a year ago. It posted a loss of $87 million, almost twice as much as investors expected.
Its Nook e-reader business, which includes hardware and digital content, logged revenues of just $153 million – that's down over 20% from the same period a year ago. Hardware sales were down 23% and content sales were down almost 16%
A silver lining has been the company's content business.
"We believe that by offering high quality reading devices at lower cost we will be able to drive higher volumes of devices and therefore higher content adoption and revenues," said B&N president and NOOK media CEO Michael Huseby during a call with investors going over the firm's fiscal results.
Huseby said B&N has sold approximately ten million Nooks to date.