Take-Two Interactive delayed the release of Grand Theft Auto...
Take-Two Interactive delayed the release of Grand Theft Auto V for the PS3 and Xbox 360 from this spring (CED Oct 31 p7) until Sept. 17, it said Thursday. The game needed “additional development time,” it said. Take-Two shares closed…
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6.8 percent lower Thursday at $12.17. Bank of Montreal Capital Markets analyst Edward Williams continues to believe the game “will be among the best performing games” of 2013, following the “success of earlier titles in the series,” he said. Grand Theft Auto is Take-Two’s top-selling game property and one of the best-performing game series in the entire industry. But Williams lowered his earnings per share estimate for Take-Two’s fiscal year, “in part due to the delay of the game and partially due to higher than previously assumed expenses,” he said. Take-Two’s fiscal year ends in March. The publisher is “poised for significant growth” over the next two fiscal years behind the releases of “several major titles” that also include BioShock Infinite, said Williams. Take-Two’s online initiatives in Asia that leverage key game series including NBA 2K and Civilization offer a “potential long-term catalyst” for the publisher, he said. But “uncertainty about the company’s ability to consistently hit release dates gives us pause,” he said.