Take Two stock dips as GTA V needs more time in development

Earlier today, Rockstar revealed that GTA V would be delayed until September 17th, 2013. It appears that investors are as anxious for GTA V as game fans are, as Rockstar’s publisher Take Two Interactive took a hit in the markets following the announcement. The underlying stock for the company fell nearly 10% following the news, before stabilizing prior to the close.

Analysts have high hopes for GTA V, putting it in the same league with Activision’s Call of Duty franchise. The release of the game certainly means big bucks for Take Two (TTWO), but the delay could impact any guidance that the publisher has given to investors over the last few months. We’ll likely hear more about this delay and how it will affect Take Two in the company earnings call, which is scheduled for February 5th.

Rockstar issued an official statement on the delay: “The September release date moves the launch back from its original projected release window of spring 2013 in order to allow additional development time. The biggest, most dynamic and most diverse open world Rockstar Games has yet created, Grand Theft Auto V blends storytelling and gameplay in new ways as players repeatedly jump in and out of the lives of the game’s three lead characters, playing all sides of the game’s interwoven story.” You can find the full press release below.

Rockstar Games Announces Grand Theft Auto V Release Date

New York, NY, January 31, 2013 — Rockstar Games, a publishing label of Take-Two Interactive Software, Inc. (NASDAQ: TTWO), is proud to announce that Grand Theft Auto V is expected to launch worldwide for the Xbox 360® video game and entertainment system from Microsoft and PlayStation®3 computer entertainment system on September 17, 2013.

Los Santos: a sprawling sun-soaked metropolis full of self-help gurus, starlets and fading celebrities, once the envy of the Western world, now struggling to stay afloat in an era of economic uncertainty and cheap reality TV. Amidst the turmoil, three very different criminals plot their own chances of survival and success: Franklin, a former street gangster, now looking for real opportunities and serious money; Michael, a professional ex-con whose retirement is a lot less rosy than he hoped it would be; and Trevor, a violent maniac driven by the chance of a cheap high and the next big score. Running out of options, the crew risks everything in a series of daring and dangerous heists that could set them up for life.

“Grand Theft Auto V continues to push the series forward in new ways; Rockstar North are creating our deepest, most beautiful and most immersive world yet,” said Sam Houser, Founder of Rockstar Games. “We are very excited for people to learn more about the game in the coming months.”

The September release date moves the launch back from its original projected release window of spring 2013 in order to allow additional development time. The biggest, most dynamic and most diverse open world Rockstar Games has yet created, Grand Theft Auto V blends storytelling and gameplay in new ways as players repeatedly jump in and out of the lives of the game’s three lead characters, playing all sides of the game’s interwoven story.

All the classic hallmarks of the groundbreaking series return, including incredible attention to detail and Grand Theft Auto’s darkly humorous take on modern culture, alongside a brand new and ambitious approach to open world multiplayer.