Home › DMW Daily › August 3, 2007

Postponed Release of Grand Theft Auto IV Sinks Take-Two Interactive

Authored by Jay Baage on August 3, 2007 - 4:28am.
New York - Video game publisher Take-Two Interactive said Thursday that it is postponing the release of the latest game in its wildly popular Grand Theft Auto series. The delay is expected to have adverse effects on the broader video game industry during the crucial holiday selling season.

The release of Grand Theft Auto IV is pushed from October into the second quarter of next year. The company states the reason being that it is not yet finished. Take-Two Interactive also sharply cut its earnings estimates for its fiscal fourth quarter.

For its full fiscal year, Take-Two now estimates that without charges and other items, it will have a full-year loss of $1.25 to $1.35 a share. Wall Street analysts were looking for a loss of 30 cents a share on $1.23 billion in sales, according to MarketWatch.

The delay, along with concurrent financial warnings, sent Take-Two's stock down more than 14% in after-hours trading to $14.50. The shares closed the regular market session at $16.91.

Grand Theft Auto IV was expected to drive sales of the video game consoles for which it was designed — Sony’s PlayStation 3 and Microsoft’s Xbox 360, consoles that are in stiff competition with the increasingly popular Nintendo Wii.

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Flickr Photo Credit: misternicholas

Published in DMW Daily, August 3, 2007
tags: Games | Internet | Xbox 360 | PS3 | Take-Two Interactive | Nintendo Wii | Grand Theft Auto IV |



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