Bookseller Barnes & Noble has just released third quarter statistics with both positive and negative results. Overall, the company’s profits were down 25 percent from the previous quarter as it continues to go head-to-head with other e-reader companies like Amazon.
As B&N pushes forward with its line of e-readers, the Nook and Nook Color, the company raked in around $60.6 million profit this year. Sadly, these statistics show that B&N did worse than the year-earlier period where it captured around $80.4 million in profit.
Analysts argue that the drop in profits could be in direct correlation with advancements made by competitor sites in the e-reader space like Google, Amazon, and Apple.
As those services continue to gain popularity, B&N’s services are falling behind.
Overall, revenue was up 7 percent to $2.3 billion compared with the year-earlier period and the company claims to have captured a healthy 25 percent of the e-book market.
"We intend for Barnes & Noble to be a leader in the exploding market for digital content," said William Lynch, Barnes & Noble's CEO.
"We now represent 25 percent of the e-book market in the U.S., larger than our share in physical books. We sell twice as many e-books as all formats of physical books combined on BN.com."
Neither B&N nor Lynch released any sales statistics to back this statement up. Last year, B&N said it captured around 20 percent of the e-book market while Amazon had around 70-80 percent, which shows the company growth as it captures around 25 percent currently.
B&N hopes to take over some of the former Borders location after that competitor filed for Chapter 11 bankruptcy. Lynch said he finds physical store locations essential to selling more Nook e-readers as sales are primarily made after customers get a feel for the Nook in real life.