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Here's Why On Holding Stock Sank Today

TheMotleyFool

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Here's Why On Holding Stock Sank Today: https://g.foolcdn.com/editorial/images/732700/frustrated-investor-computer-paper-hands-on-head.jpg

Shares of shoe company On Holding (NYSE: ONON) sank on Tuesday after the company reported its latest quarterly financial results. As of 10:30 a.m. ET, On stock was down about 10%.

On Holding went public in 2021, and the shoe company quickly captured the attention of investors with its impressive revenue growth. That growth was on full display once again in the first quarter of 2021. In Q1, On generated record net sales, growing 78% year over year in its local Swiss franc currency. This far surpassed its revenue growth guidance of 61%.

Converting to dollars, On had net sales of roughly $470 million in Q1.

Source Fool.com

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