Take-Two announced on Thursday that GTA4 for PS3 and Xbox 360 would be delayed until April 2008 at the earliest due to requiring additional development time. As a result, company shares (not to mention gamer hopes) dropped 13 percent on the news.

"Certain elements of development proved to be more time-intensive than expected, especially given the commitment for a simultaneous release on two very different platforms," said Take-Two chairman Strauss Zelnick.

"We are very disappointed to reduce guidance after having previously reaffirmed it," added chief executive Ben Feder in a statement to investors.

The game, originally scheduled for release in October, will miss out on big holiday sales, likely dealing a blow to both Microsoft and Sony in the process as Grand Theft Auto IV was expected to be one of year's biggest selling games.