Shares of On Holding (NYSE: ONON), the parent company of the innovative Swiss athletic shoemaker On Running, tumbled 3.4% on Tuesday, following the release of its third-quarter 2023 report.

The slight pullback is likely attributable to some investors taking profits. After all, shares have surged 49.2% this year through Tuesday. The pullback was not a reflection of the company's earnings report, as it was strong: The quarter's revenue and earnings both sprinted by Wall Street's estimates, and management raised its full-year 2023 revenue guidance.

Data source: On Holding. CHF = Swiss franc. 1 CHF = $1.0922 at the end of Q3, per The Wall Street Journal's exchange rate data.

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Source Fool.com