Shares of Drive Shack (NYSE:DS) fell as much as 19.1% in trading on Friday after reporting first-quarter 2021 financial results. At 2:20 p.m. EDT today, shares were still down 17.8% for the day.

Total revenue was flat at $61.1 million, and the net loss improved from $17.4 million a year ago to $10.9 million, or $0.15 per share. Analysts were expecting revenue of $61.4 million and a loss of $0.14 per share, so it was only a slight miss for results.

Digging into the numbers, revenue at Drive Shack locations was down $1.9 million versus a year ago to $8.2 million. That decline in revenue was offset by $1.9 million in revenue growth at golf courses and other venues. As the economy reopens, it's disappointing that the company's locations didn't perform better.

This may have been a small earnings miss, but the fact that Drive Shack is still losing money given how hot golf is right now is concerning. There will be more entertainment options available as the year wears on, and that doesn't bode well for operations. I don't think this looks like a growth stock at all right now, and given better golf investments out there, I am not a buyer of shares today.