Barnes and Noble to Release a New Tablet In Spite of Falling Revenues

Barnes & NobleBarnes & Noble is cutting jobs and revenues fell again in the third-quarter earnings report released Wednesday, with the Nook segment once again taking a particularly large hit: Nook revenues were $157 million for the quarter, down 50.4 percent from a year ago. But the bookseller says it’s making progress on its goal of selling off excess device inventory — and it plans to release a new color device this year. Overall, B&N saw a small profit — $63.2 million, compared to a loss of $3.68 million last year — but revenues were down 10.3 percent, to $2 billion. Retail store revenues were down 6.3 percent, to $1.4 billion, and college store sales were down 6 percent, to $486 million. The company laid off or lost 190 Nook employees during the quarter — 26 percent of the Nook team, according to CEO Michael Huseby on the earnings call Wednesday — and about 500 Nook employees remaining in Palo Alto and New York. Read the full story at Giga OM.