Over the past few days, investors have generally been unwilling to take an interest in shares of Brands Topgolf Callaway (MODG -1.98%). According to data compiled by S&P Global Market IntelligenceThursday evening, the title of the golf specialist was down almost 13% since the start of the week. News of an uninspiring quarter for the company was the driving factor in this decline.

A bad day on the links

Topgolf released its third-quarter results on Tuesday just after the market closed. Revenue for the period was just over $1.01 billion, down 3% on a year-over-year basis. On the positive side, it beat management’s expectations and analysts’ consensus estimate (albeit slightly), according to data compiled by Zack’s.

This dynamic was most pronounced on the bottom line, where Topgolf suffered a nauseating 88% decline in adjusted net income. This amount reached $4.3 million ($0.02 per share), compared to a profit of almost $36 million from the year-ago quarter. Still, the former beat the average expert forecast with an adjusted loss of $0.18 per share.

Topgolf was hit hardest by a more than 11% decline in active lifestyle revenue – one of its three reporting segments – to $266 million for the quarter. Among the trio, only its Topgolf channel of video-enhanced golf practice sites saw a gain, and that was a slight increase of 1%, to $453 million.

Scoring adjustments

Management reduced its full-year forecast to $4.2 billion, the lowest level of its previously forecast range of $4.2 billion to $4.26 billion. It also lowered its expectations for adjusted earnings per share to a range of $0.08 to $0.13. Previously, he expected between $0.11 and $0.21.

In addition to Topgolf’s disappointing performance and forecast adjustments, several analysts have lowered their price targets on the stock. Among them was a still influential investment bank Goldman Sachsincluding tipster Kate McShane cut her price target on the stock to $12 from $14 previously. In doing so, it maintained its neutral recommendation.

Although Topgolf locations are fun places to hang out, golf is not a trendy sport for the most part. The company would benefit from an increase in the popularity of the sport, but I don’t see that on the horizon.