Barnes & Noble Inc. shares are lower Thursday after the retailer said it expects losses from its Nook e-reader business to be larger in 2013 than the year before.
The book seller 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.
Shares sank nearly 6 percent to $13.36 in Thursday morning trading.