Barnes & Noble's Nook failing to make a mark in tablet race
The company's latest financials which saw the firm reveal net losses of $6.1 million in Q3 2013 contained within them a near 26 percent drop in sales within Nook Media, which includes both Nook hardware and software sales.
Analysts claim the company is struggling to convince consumers that Barnes & Noble which has a strong association with books and eReaders is also a contender in the tablet business.
"In terms of the Nook Media business, we've taken significant actions to begin to right size our cost structure in the Nook segment, while also taking a large markdown on Nook devices in order to enhance our ability to achieve our estimated sales plans in subsequent quarters," said CEO William Lynch.
"Nook Media has been financing itself since October of 2012 due to the strong investment partners we've been able to attract in Microsoft and Pearson.
"Coming off the holiday shortfall, we're in the process of making some adjustments to our strategy as we continue to pursue the exciting growth opportunities ahead for us in the consumer and digital education content markets."
Despite the issues, Barnes & Noble claims it remains committed to its tablet and eReader business, though the company may be force to launch new tablets (current devices run the antiquated Android 2.3, better known as Gingerbread) if it is to regain lost ground.
[source: Barnes & Noble]