Why Topgolf Callaway's Stock Plunged 18.8% Today
Shares of golf club maker and entertainment company Topgolf Callaway Brands (NYSE: MODG) plunged as much as 18.8% on Thursday after announcing third-quarter 2023 financial results. Shares didn't recover much by the afternoon and are down 15.1% at 1:40 p.m. ET.
Revenue was up 5.4% in the quarter to $1.04 billion, but net income dropped 23% to $29.7 million, or $0.16 per share. Analysts were expecting revenue of $1.06 billion and earnings of $0.12 per share.
For the fourth quarter, management expects revenue to fall from $847 million to $872 million, well short of the $1.01 billion that analysts were expecting. And it's this guidance figure that had investors selling the stock this morning.
Source Fool.com
