Barnes & Noble returned to a profit in the fiscal second quarter as it invested less in its Nook ebook reader and cost cuts offset lower sales.Its sales missed expectations, however, and its shares dropped more than 3% in premarket trading. The report comes as the crucial holiday season kicks off, when retailers can make up to 40% of their annual revenue."Our booksellers are prepared to welcome holiday shoppers and recommend thoughtful gift ideas for everyone on their list," said Michael P. Huseby, president of Barnes & Noble and CEO of Nook Media.The company has spent heavily on building up its Nook ebook reader and digital library, but it has scaled back amid tough competition from Amazon's Kindle and the Apple iPad. It has been reviewing its strategy since CEO William Lynch departed in June and the company did not name a replacement. It introduced a new non-tablet ebook reader, a $119 Nook GlowLight, for the holidays.Net income for the three months ended Oct. 26 totaled $13.2 million, or 15 cents per share. That compares with a loss of $501,000, or 7 cents per share, last year.Revenue fell 8% to $1.73 billion from $1.88 billion last year. Analysts expected a loss of 3 cents per share on revenue of $1.76 billion, according to FactSet.Revenue fell across all segments. Retail revenue fell nearly 8% to $921 million. College bookstore revenue fell 4.6% to $737.5 million and Nook revenue dropped 32% to $108.7 million.Shares fell 58 cents, or 3.5%, to $15.85 in... Continue reading at 'Crains New York'
[ Crains New York | 2013-11-26 00:00:00 UTC ]
By Joe Wilcox, Betanews Well, that didn't take long. One day after Apple dropped its subscription plan bomb on suspicious publishers, Google officially countered with One Pass. Google strips out the onerous restrictions Apple imposes. It's a brilliant marketing response, and aptly timed with new... Continue reading at Betanews
[ Betanews | 2011-02-17 00:00:00 UTC ]
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By Joe Wilcox, Betanews Somebody call the cops -- eh, antitrust authorities. Apple's subscription plan is here, and it's as bad for many, if not most, publishers as rumored. The first of several key sentences from Apple's press announcement: "Publishers may no longer provide links in their apps... Continue reading at Betanews
[ Betanews | 2011-02-15 00:00:00 UTC ]
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By Joe Wilcox, Betanews Apple's approach to magazine and newspaper subscriptions and third-party ebook sales stink of the kind of practices that got Microsoft into trouble with trustbusters on two continents during the late 1990s and early 2000s. A year ago, publishers embraced iPad as the... Continue reading at Betanews
[ Betanews | 2011-02-04 00:00:00 UTC ]
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While publishers and Apple haggle over the pending launch of a digital newsstand, Barnes & Noble took the opportunity to remind everyone that it not only has a functional newsstand, but it's chugging right along. Continue reading at Folio Magazine
[ Folio Magazine | 2011-01-27 00:00:00 UTC ]
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