The Nook e-reader division continues to lose Barnes & Noble's money, according to the company's first fiscal quarter earnings report.
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Earlier this summer, the company said it would split into two, separating from Nook's line of devices, apps and accessories. The results of the past fiscal quarter, reported by CNET, continues to demonstrate that the Nook has not fought well against strong competition in the tablet marketplace from Amazon, Apple and Samsung.
In fact, Barnes & Noble decided to partner with Samsung and let the South Koreans take over the hardware design for the Samsung Galaxy Tab 4 Nook, which was released last month to middling reviews.
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While B&N is spinning off the Nook division early next year, the company claims it will continue to promote the new Tab 4 Nook over the holidays as a budget tablet for avid e-readers.
B&N said the Nook posted $70 million in revenue for Q1, which is down 54 percent from the same quarter last year. Adjusted loses are $4.6 million, however, which is a $50 million decrease from last year. The money was saved by extensive belt-tightening and cutting expenses by $27 million.
Unfortunately for Nook, B&N and Samsung, sales for Nook devices and accessories dropped almost 80 percent from last year, with digital content sales falling an additional 24 percent. Shares in B&N rose 2 percent to almost $24, 60 percent higher than the start of the year.
