Companies

Federer-backed shoemaker drops as revenue surge fails to impress

Despite eating into market share of bigger rivals like Adidas and Nike, On’s shares dropped 10 per cent in New York trading

Roger Federer, an investor in On, also has a shoe line with the company. Picture: Getty

Swiss shoemaker On Holding AG fell after posting earnings and sales growth that failed to satisfy investors after the company’s stock almost doubled this year.

Shares fell as much as 10 per cent in New York trading, cutting the company’s market value to less than $10 billion. On reported a 78 per cent jump in first-quarter sales to 420 million Swiss francs (€431 million) Tuesday, higher than the average analyst estimate. Profit also beat expectations.