CrowdStrike Stock Plummets Up to 20%, Microsoft Down 2% After Global IT Outage

Jul 19, 2024, 10:49 AM

CrowdStrike's stock has plummeted by up to 20% in pre-market trading following a global IT outage. The cybersecurity firm confirmed that the outage was caused by a defect in a single content update, which affected Windows systems worldwide. The issue led to widespread disruptions, including grounding flights and impacting businesses. CrowdStrike CEO George Kurtz assured that the problem was not a cyberattack or security incident and that a fix has been deployed. Microsoft shares also fell by over 2% due to the incident. CrowdStrike's stock saw various drops, including 15%, 13%, and 14% at different times. Kurtz has apologized for the disruptions and stated that affected systems would need manual recovery by uninstalling the faulty update.