Topgolf Callaway ($MODG) Shares Plummet 13.25% and 19% AH After Weaker-Than-Expected Sales Guidance

Topgolf Callaway ($MODG) experiences a significant drop in share value after issuing weaker-than-expected sales guidance. The company attributes the decline to reduced corporate Topgolf outings and faces share losses to $GOLF in the legacy business. Despite positive free cash flow, Topgolf comps are heading in the wrong direction. Wall Street analysts downgrade their ratings on the company, leading to a 13.25% and 19% after-hours drop in share value. The company is expressing optimism but is also cutting costs aggressively and inventing new financial metrics.