Take-Two has confirmed that Grand Theft Auto IV has been delayed so that its October 2007 release has been pushed back to sometime in 2008.

It was announced that the title will be out in the second quarter of the 2008 financial year, which means from February 1, and is due to Take Two revising its fiscal books.

The company also stated that the "delay was essential to ensure the quality of GTA IV".

"Obviously, we are very disappointed to reduce guidance after having previously reaffirmed it", said Take-Two's CEO Ben Feder.

"Other than a matter of timing, the movement of Grand Theft Auto IV does not compromise Take-Two in any way. We are in sound financial condition and have a great product line-up. Grand Theft Auto IV is going to be the defining next generation videogame action adventure."

Take Two has revised its fiscal year guidance, now anticipating around $950 million to $1 billion, with a net loss per share in the range of $1.25 to $1.35. That’s over $200 million less than previous estimates of $1.2 billion to $1.25 billion in annual revenue.