GTA V Is 'Making Substantial Progress' But Still No Release Date Announced

Grand Theft Auto 5 is set to become one of the biggest game launches in history, but as we quickly approach the one year anniversary since its announcement and any major update, tension and demand for the game is starting to hit boiling point.

Yesterday afternoon around 4pm EST, Take-Two Interactive, the publishing group of Rockstar, hosted the Q1 FY13 earnings call, announcing a drastic $110.8 million loss, compared to a more reasonable $8.6 million the year before (read the full report here). Take-Two said that Rockstar was "making substantial progress" on GTA V, but seemingly wasn't prepared to announce a release date for the title.

GTA 5 seems to almost have become a bit of a secret project, despite its initial trailer having been released one year this October. Undoubtedly, Take-Two's loss can be easily accounted for. The year prior, Take-Two was still relishing in earnings from Red Dead Redemption, Civilization and LA Noire, along with their continual DLC releases. As we approach the second year of these franchises release though, the market for them has seemingly gone dry, and to much of Take Two's annoyance, Max Payne and SpecOps: The Line haven't sold as well as hoped. Strauss Zelnick, Chairman and CEO of Take-Two said:

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,"

The only thing we can take from the earnings call though is that with a mega $110.6 million loss on their hands, Take-Two and Rockstar will want to get GTA 5 out as soon as humanly possible.