So asks Jeremy Greenfield of Digital Book World
Barnes & Noble had a disappointing earnings announcement yesterday in which the Nook’s mounting losses shared the stage with the figures from Fifty Shades of Grey which buoyed the overall business.
After losing $51 million in the first quarter of 2012, Nook went one better and lost $57 million in the first quarter of 2013.
Amid the poor report and growing losses, there has been speculation that the Nook has fallen off a cliff.
The reasons? Problems selling e-readers, dropping prices on the devices, delays launching internationally and slowing of the growth of e-book sales.
Not exactly inspiring stuff for investors, who sent the stock down nearly 4% yesterday to under $12 – way off the company’s $26 52-week high following the Microsoft/Nook deal announcement and just a few dollars above the 52-week low.