File - This Monday, June 18, 2012, file photo, shows a profile view of the new Microsoft Surface, a tablet computer in Los Angeles. Tablets are at the top of many wish lists this holiday season. The choice used to be pretty limited, with the iPad dominating over the latecomers. But this year, the field is more even, as tablets from Apple's competitors have matured. In addition, Google and Microsoft have dived in with their own tablets, providing more choice. (AP Photo/Damian Dovarganes)
Barnes & Noble shares fall as Nook losses grow
Published: 04:30:42 PM, Thu 14 February 2013 UTC
Barnes & Noble Inc. shares fell Thursday after the retailer said that it expects losses from its Nook e-reader business to be larger in 2013 than last year.
The largest traditional U.S. bookstore has invested heavily in its Nook business as consumers increasingly shop online and read e-books. But the Nook faces tough competition from other devices like Apple's iPad Mini, Amazon's Kindle and Google's Nexus tablet.
Barnes & Noble said Wednesday after the market closed that it expects Nook media revenue of less than $3 billion. It also anticipates a loss for the unit from earnings before interest, taxes, depreciation and amortization to exceed the $262 million loss recorded in its 2012 fiscal year.
This follows a report from the retailer in January that its Nook unit revenue fell 12.6 percent to $311 million during the critical holiday period.
The company is scheduled to report its third-quarter results on Feb. 28.
Shares sank 93 cents, or 6.6 percent, to $13.27 in midday trading Thursday. Its shares have traded between $10.45 and $26 in the past 52 weeks.
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