Barnes & Noble sees large loss thanks to e-book business expansion
Barnes & Noble has reported a large fourth quarter loss this week, citing its expensive push into the e-book and e-reader markets.
Additionally, the company forecasted lower future earnings, as it keeps expanding into aforementioned markets.
For the fourth quarter ended May, the company lost $32 million, compared with a $3 million loss in the same period last year.
Revenue, however, rose to $1.32 billion from $1.1 billion, beating analyst expectations.
The book company recently slashed the price of the Nook Android e-reader from $260 to $200, and introduced a 3G-stripped Wi-Fi only version for $150.
B&N’s move prompted Amazon to drop the price of their market leading Kindle to $190.
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