Benzinga | Nov 30, 2021 04:53PM EST

Why Barnes & Noble Shares Are Diving Today

Barnes & Noble Education Inc (NYSE:BNED) is trading lower Tuesday after the company announced worse-than-expected second-quarter fiscal 2022 financial results.

Barnes & Noble reported quarterly earnings of 46 cents per share, which came in below the estimate of 58 cents per share. The company reported quarterly revenue of $626.98 million, which came in below the estimate of $663.3 million.

Barnes & Noble said it expects to generate positive non-GAAP adjusted EBITDA in fiscal year 2022.

"Despite overall enrollment declines and many community colleges continuing to offer virtual classes, on a gross comparable sales basis, our textbook business was essentially flat and, despite the global supply chain issues, our general merchandise business grew 78%, as many of our campus partners returned to a more traditional Fall rush experience," said Michael Huseby, chairman and CEO of Barnes & Noble.

Related Link: Barnes & Noble Education Plummets After Q2 Results, Top-Line Lags Consensus

Barnes & Noble is an operator of bookstores in college campuses across the United States. The company is also engaged in providing digital education services.

BNED Price Action: Barnes & Noble has traded as high as $12 and as low as $3.33 over a 52-week period.

The stock was down 20.10% at $7.10 at time of publication.

Photo: Mike Kalasnik from Flickr.