On Holding AG Shares Plunge 19% After Revenue Miss and Guidance Cut

On Holding AG's shares plummeted 19% on Tuesday to their lowest level since May 2024 after the Swiss running-shoe maker reported second-quarter revenue that fell short of Wall Street estimates and lowered its full-year sales growth forecast.

The company posted net sales of CHF 850.3 million ($1.05 billion) for the quarter ended June 30, missing the consensus analyst estimate of roughly CHF 879.6 million.

On a constant-currency basis, revenue climbed 21.6%, but reported growth came in at just 13.5% as the strengthening Swiss franc weighed on the top line.

Adjusted earnings per share of CHF 0.35 edged past the CHF 0.34 consensus, while net income swung to a profit of CHF 105.0 million from a loss of CHF 40.9 million a year earlier.