Shares of Swiss sneaker and athletic apparel company On Holding surged after the company reported higher-than-expected revenue amid strong consumer demand.
Revenue for the quarter ending March 31 rose 68% to 235.7 million Swiss francs ($237.3 million). Analysts surveyed by FactSet were expecting $167.8 million. Net income was CHF 14.3 million compared with a loss of CHF 10.5 million for the same period last year.
On (ticker: ONON) stock was up 18% in premarket trading to $24.10 and has tumbled 47% this year, while the S&P 500 has fallen 16%.
“Continued very strong consumer demand, successful new product launches, and extraordinary teamwork to mitigate the supply chain headwinds, allowed On to win market share at an accelerated pace in the first quarter 2022,” the company said. in a news release.
The company, which is backed by Roger Federer, went public back in September at around $35 a share.
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Credit: www.marketwatch.com /