Take-Two boss Strauss Zelnick was once again put under pressure today to announce details of Grand Theft Auto V to investors when he reported disappointing financial results for the company's first quarter. But, the publishing boss refused to be drawn to specifics, simply saying that it is "in full development and showing substantial progress."
Zelnick announced that Take-Two recorded a $110.8 million loss for its Q1 2013 period, which stings further when you compare it to Q1 2012's $8.6 million loss. Net revenue for the quarter was $226.1 million, a drop from $334.4 million during the same period last year. The results were, as you might imagine, "below expectation."
Lower-than-expected sales for Max Payne 3 and Spec Ops: The Line were blamed for the results.
Things are looking up for the publisher as we enter the Autumn, with multiple Max Payne 3 DLC packs planned for release as well as the launch of Borderlands 2 - pre-orders for which are currently the third-highest in Take-Two's history. Only pre-orders for GTA IV and GTA San Andreas have bettered them.