Swiss athletic-footwear maker On Holding AG reported second-quarter revenue of CHF749.2 million, a 32% year-on-year increase that topped the average analyst estimate of CHF703.8 million. The company posted an adjusted loss of CHF0.09 per share, missing expectations for a profit, but said stronger demand in Europe and Asia and recent price increases offset currency headwinds and higher import tariffs on shoes made in Vietnam. Buoyed by the sales momentum, On raised its full-year outlook, saying revenue will grow at least 31% in constant-currency terms to no less than CHF2.91 billion, compared with a prior forecast for growth of 28% or more. It also nudged its gross-margin target to 60.5–61.0%, citing continued direct-to-consumer expansion and what co-founder David Allemann called the brand’s “pricing power.” Investors welcomed the guidance lift, sending the New York-listed shares up as much as 15% in early trading and roughly 7–9% higher by the close. The rally was short-circuited a day later when Jefferies cut the stock to Underperform, arguing that valuations already price in peak growth for 2025 and that intensifying competition from Nike could slow sales gains in the United States.