Take-Two: Sales were "lower-than-anticipated" for Max Payne and Spec Ops

Grand Theft Auto 5 is "making substantial progress."

Take-Two Interactive has had a disappointing quarter with its most publicised blockbusters failing to take off as well as expected, the publisher revealed in a recent earnings report.

Chairman and CEO of Take-Two Strauss Zelnick called sales of Max Payne 3 and Spec Ops: The Line "lower-than-anticipated."

Rockstar's sequel shipped three million units, which isn't too shabby, but it fell short of the publisher's lofty expectations.

Ultimately, the firm took a beating this quarter with a net loss of $110.8 million, compared to last year's $8.8 million. Its net revenue for the three month period came to $226.1 million, whereas it was $334.4 million during the same quarter last year.

Despite this blow, Zelnick remained optimistic. "The outlook for our slate of upcoming releases is stronger than ever," he noted. "Early consumer enthusiasm suggests robust demand for our extraordinary lineup of upcoming releases, particularly Borderlands 2, NBA 2K13 and BioShock Infinite."

Notably, Grand Theft Auto 5 remained absent from this list, though during an investors' call it was confirmed to be "in full development and making substantial progress."

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