GTA V Still “TBA,” Take-Two Posts Losses Due to Lower than Expected Sales of Max Payne 3, Spec Ops

While Take-Two has announced that Borderlands 2 is now third-highest pre-ordered game in the publisher's history, the other games in its stable aren't faring as well.

During Take-Two's financial results for the first quarter of fiscal year 2013, the publisher has revealed that its net loss spiked substantially from $8.6 million to $110.8 million. Total sales also saw a massive decline from $334.4 million to $226.1 million from last year.

This substantial loss is mostly attributed to the slow sales of Rockstar's Max Payne 3 and Yager's Spec Ops: The Line. 

“Although our first quarter results were below expectations due to lower-than-anticipated sales of Spec Ops: The Line and Max Payne 3, the outlook for our slate of upcoming releases is stronger than ever,” said Strauss Zelnick, Chairman and CEO of Take-Two.  “Early consumer enthusiasm suggests robust demand for our extraordinary lineup of upcoming releases, particularly Borderlands 2, NBA 2K13 and BioShock Infinite.  We continue to expect fiscal 2013 to be one of the best years in Take-Two’s history.

Zelnick adds, "Our long-term strategy is to continue to grow our revenues and reduce the volatility of our results by complementing our core console business with digitally delivered content for mobile and online platforms.  During the current fiscal year we have made substantial progress, including launching an open beta for NBA 2K Online in China; expanding our lineup of core titles for tablets and smartphones with Max Payne Mobile; releasing our first domestic mobile social game — COMEDY CENTRAL’S Indecision Game; and delivering our first mobile social game for Japan — NBA 2K All Stars.  While our core console business has faced short-term cyclical headwinds, we remain exceedingly optimistic about our Company’s long-term prospects for growth and profitability."

I take it that's what happens when they don't have a "mega" franchise releasing within the year, no? Speaking of "mega" franchises, the publisher still lists Grand Theft Auto V as "To Be Announced (TBA)" on both platforms it's set to appear on and release date.

All Take-Two had to say regarding GTA V is that "it's in full development and showing substantial progress." Yep, that's all we have for GTA V for now.

Here's hoping their next fiscal report yields better results.