The company will seek partnerships with tablet manufacturers

Jun 25, 2013 17:11 GMT  ·  By

Today, Barnes & Noble announced its fourth-quarter financial results, posting revenue lower than expected, down to $1.3 billion (€991 million), paired with a net loss of $118.6 million (€90.4 million).

Furthermore, the company announced revenue of only $108 million (€82.3) for the Nook business, down 34 percent from the last year.

Thus, Barnes & Noble decided to abandon the Nook hardware business, a recent article on BGR reads. Instead, the company will seek partnerships with manufacturers interested in loading the Nook software on their products.

“The company plans to significantly reduce losses in the NOOK segment by limiting risks associated with manufacturing. Going forward, the company intends to continue to design eReading devices and reading platforms, while creating a partnership model for manufacturing in the competitive color tablet market,” Barnes & Noble said.

The company also announced that it would continue to develop Simple Touch and Glowlight products in-house. New eBooks and Nook applications are also planned.