If you have been waiting for this game with bated breath, you may want to exhale.
per News.Com.
Take-Two Interactive Software on Thursday cut its 2007 sales forecast and said it would post a full year loss, before one time items, because it needs more time to complete its highly anticipated Grand Theft Auto IV video game.
The company’s shares slid 8 percent in extended trading following the announcement.
The game, which had been scheduled for release in October, is now planned for release in the fiscal second quarter of 2008, Take-Two said.
In a statement, Take-Two Chairman Strauss Zelnick said “certain elements of development proved to be more time intensive than expected.”
The company said that for the fiscal year ending October 31, it expects revenue of $950 million to $1 billion. It also forecast a loss of $1.25 per share to $1.35 per share, excluding one time items.
In June, Take-Two said it expected revenue of $1.2 billion to $1.25 billion for the year, with break even results before one time items.
Shares of Take-Two dropped 8 percent to $15.55 from a close of $16.91 on Thursday.