Fri, Sep 21, 2012 | 02:49 BST
Take Two financial dip due to delayed games – Zelnick
Speaking to investors, Take Two Interactive CEO Strauss Zelnick said delays caused the publisher to miss its financial targets in the past year.
“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 didn’t name names, but recent Take Two delays include the total silence of 2K Australia’s XCOM shooter and BioShock Infinite’s shift into early 2013. Although no release window has been set or even alluded to for Grand Theft Auto V, it’s believed to have been in the works for years and may have slipped.
The business of the meeting was largely just that – business – with major investors voting on the re-appointment of board members and executive compensation levels. One interesting note is that Take Two chose to increase the number of authorized shares of common stock from 150 million to 200 million, meaning shares owned by individual investors are now worth slightly less of the whole company.