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Zelnick: Take-Two didn't meet fiscal 2012 expectations because of delays


Take-Two Interactive didn't meet its revenue and profit goals for fiscal year 2012 because it delayed some games, Take-Two CEO Strauss Zelnick admitted during a stockholder meeting today.

"This was primarily due to our decision to postpone the release of several titles in order to allow for additional development time," Zelnick said, without naming any specific games. "Although our commitment to quality may occasionally affect near-term results, we believe it's the right approach for maximizing revenue and profits over the long-term."

Zelnick later mentioned BioShock Infinite, which was delayed to February 26, and Grand Theft Auto 5, which never had an official release date but was widely expected to launch some time in 2012. After all, Take-Two has a probable $600 million deficit in its 2013 outlook, expecting to earn $1.7 billion - $1.8 billion by March.

"Grand Theft Auto 5 is in full development and making substantial progress," Zelnick added.

Gallery: Grand Theft Auto 5 (Business) | 4 Photos

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