US Stock Market Move | Q2 revenue fell short of expectations, causing On Running (ONON.US) to plummet over 18% in early trading.

On Tuesday, On Holding (ONON.US) saw its stock price plummet over 18% in early trading, hitting a new low for the year at $31.56. In terms of news, the company released its second quarter financial report, with net sales of 850.3 million Swiss francs, below the market consensus expectation of 878 million Swiss francs; adjusted earnings per share were 0.35 Swiss francs, slightly above the expected 0.34 Swiss francs. The company raised its full-year gross margin expectation to at least 65%, but the revenue shortfall has raised market concerns about growth momentum. Jefferies analysts pointed out that factors such as slowing global wholesale growth, rising costs, high inventory levels, and declining core customer retention rates are expected to significantly slow down U.S. business next year, which will put pressure on the stock price in the short term.