On Holding AG's (ONON) shares plunged nearly 15% at one point Tuesday a🔯fter the athletic shoe and sportswear company reported a surprise loss and gave ♓disappointing guidance as a result of being affected by unfavorable exchange rates.

The Switzerland-based maker of eponymous running shoes used by athletes such as tennis great Roger Federer reported it swung to a fourth-quarter adjusted per-share loss of CHF0.05 (6 cents), while analysts had anticipated a profit. Revenue was up 22% to CHF447.1 million ($509.5 million), also short of forecasts.

Those listening to the company’s 澳洲幸运5官方开奖结果体彩网:earnings call with analysts said that management pointed to “considerable” currency impacts for the weaker-than-expected results. The company operates in 澳洲幸运5官方开奖结果体彩网:Swiss francs, and they skyrocketed about 10% in value against the U.S. dollar in 2023. That punished revenue because a large percentage of On Holding’s sales are in the U.S.

In the current quarter, On Holding sa♛id it expects sales of CHF495.0 million ($564.1 million), and fo🌊r the full year, at least CHF2.25 billion ($2.56 billion). Both forecasts were below estimates. 

Shares of On Holding were down 9% at $30.53 as at 3:50 p.m. ET Tuesday but remain about 30% higher over the past year.