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Grand Theft Auto IV Delayed

Vilge Duin

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Vilge Duin Lower Midcarder

Vilge Duin

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Grand Theft Auto IV delayed to 2008

[uPDATE] Take-Two pushes back blockbuster to next year, saying "additional development time required" to finish game; annual earnings estimate plummets by over $200 million.

By Tor Thorsen, GameSpot

Posted Aug 2, 2007 5:04 pm ET

The overcrowded monkey house that was the 2007 holiday release season lost one of its 800-pound gorillas today. Without warning, this afternoon Take-Two Interactive stunned the game industry by announcing it was delaying Grand Theft Auto IV to the second quarter of its 2008 fiscal year, which begins on February 1, 2008. Published by Take-Two subsidiary Rockstar Games, the crime-action title had been slated to ship for the Xbox 360 and PlayStation 3 in North America on October 16, 2007.

"Take-Two is reducing its fiscal 2007 guidance primarily to reflect the movement of the launch of Grand Theft Auto IV for the PlayStation 3 computer entertainment system and the Xbox 360 video game and entertainment system from the fourth quarter of fiscal 2007 to fiscal 2008, due to additional development time required to complete the title," the company said in a statement issued after the Wall Street markets closed.

Unsurprisingly, not having GTA IV in its 2007 fiscal-year lineup has put a serious dent in Take-Two's earnings expectations. The company's guidance is now for net revenue of $950 million to $1.0 billion for the 12 months ending October 31, and a loss of $1.25 to $1.35 per share. That figure is over $200 million lower than prior estimates of $1.2 billion to $1.25 billion in annual revenue--which would have been "break even results" according to the company's second-quarter earnings statement. With the AO-rated Manhunt 2 on indefinite hold, Take-Two now expects net revenue between $275 million to $300 million for its fourth fiscal quarter, with a net loss of $0.05 to $0.10 per share.

"Obviously, we are very disappointed to reduce guidance after having previously reaffirmed it," said Take-Two CEO Ben Feder. "Other than a matter of timing, the movement of Grand Theft Auto IV does not compromise Take-Two in any way. We are in sound financial condition and have a great product lineup."

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King Ellis Hall Of Famer

King Ellis

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On one hand this is a relief on the old wallet, what with the likes of Guitar Hero 3, Rock Band, Pro Evo 7, Smackdown 08 etc towards the end of the year. I was planning on getting Saints Row to ease me back into a sandbox game that didn't have you jumping a mile into the air, looks like that'll have to stretch.

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LL! Hall Of Famer

LL!

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Now I get to go into my local EB Games which I might be working at soon enough tommorow and point out that their GTA 4 countdown thing is horribly wrong.

Please do so I can laugh when you don't get the job.

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Guest Kou

Guest Kou

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Now I get to go into my local EB Games which I might be working at soon enough tommorow and point out that their GTA 4 countdown thing is horribly wrong.

Please do so I can laugh when you don't get the job.

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Maxx Hall Of Famer

Maxx

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Crap, now I'll just have to buy one of the other bazillion cool games coming out this holiday season.

Out goes GTA, in comes Mass Effect.

Fair enough trade IMO

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zero Hall Of Famer

zero

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Damnit. Why did I just get a PS3? >_>

*plays Resistance until February*

The only feasible answer to that is Final Fantasy. Because that's all the PS3 has going for it right now. :mellow:

I wouldn't expect to see Final Fantasy 13 until Holiday Season of 2008 at the absolute earliest.

Anyway, shitty news about GTA, but it was way too crowded in that Fall/Winter period anyway, so no huge loss. I still have tons of money to blow on too many games.

Edited by Zero
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