"Grand Theft Auto V" has been delayed until September "to… (Rockstar Games )
Shares in Take-Two Interactive dropped 7% on Thursday after the video game publisher announced that "Grand Theft Auto V" will be released in September, instead of in spring as previously stated.
Take-Two subsidiary Rockstar Games, which manages the best-selling "Grand Theft Auto" series, said in a statement that the delay was "to allow additional development time."
Delays are not unusual for "Grand Theft Auto" games or Take-Two. "Grand Theft Auto IV" was originally supposed to come out in October 2007, but instead came out in April 2008.
One of Take-Two's other big sequels this year, "Bioshock Infinite," was first announced for release in October 2012. It was pushed back to February of this year and then again to March.
While delays can disappoint investors because they mean potential profits will be delayed, too, they don't always mean the games are in trouble or will have weak sales. The tardy "Grand Theft Auto IV" was a blockbuster success, ultimately selling more than 25 million copies.
In midday trading in New York on Thursday, Take-Two shares were at $12.09. Earlier in the day they had dropped to as low as $11.55.
Wii U's weak sales hurt Nintendo earnings
Time Warner Cable chief defends pricey sports deals
Viacom posts slide in revenue; Paramount's loss widens
INTERACTIVE: TVs highest paid stars
INTERACTIVE: YouTube's viral videos of 2012
PHOTOS: Hollywood back lot moments