On Holding stock slumps on earnings despite raising outlook

Shares of On Holding (ONON) fell after the shoe company reported mixed second quarter results. The company reported revenue that beat analyst estimates and raised its outlook, but earnings fell short. Part of the problem was the strong Swiss Franc (CHF=X). On Holding Co-CEO Marc Maurer says the company is planning for different currency situations, saying "it has a stronger top-line impact...than bottom-line impact." On the consumer, On Holding Co-CEO and CFO Martin Hoffman says the company is seeing "some cautiousness" from consumers, noting it's more from its European customers than U.S., but that overall the company is still seeing "very strong sales." When it comes to its retail partnerships, Maurer says "we're really seeing across geographies... very strong growth rates in wholesale and in D-to-C (direct-to-consumer)."