Swiss sportswear company On reported a 32% increase in sales in the second quarter, prompting a raise in full-year revenue guidance. Despite new tariffs on imports from Vietnam, On expects sales of 2.91 billion Swiss francs. The company also raised gross margin guidance to 60.5% to 61%. On has been taking market share from Nike and growing consistently. In the second quarter, On’s net loss was 40.9 million francs, with sales rising to 749 million francs. On’s strategy includes balancing direct sales and wholesale, with both channels exceeding expectations in the second quarter. Sales in various regions including the Americas, Europe, and Asia-Pacific beat expectations. China has been a strong market for On, with sales growing about 50% in the second quarter compared to last year.

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1. The Federal Reserve announced it will start reducing its monthly bond purchases in November, citing progress in the economy. The central bank will cut its purchases by $15 billion each month.

2. United Airlines reported a narrower-than-expected loss for the third quarter, with revenue surpassing analysts’ estimates. The airline also saw a rise in bookings for the holiday season.

3. Tesla unveiled a new version of its Model Y crossover SUV, which will have a longer range and a higher price tag. The Model Y Long Range is expected to travel up to 330 miles on a single charge.: On Holding (ONON) earnings Q2 2025