Clicky

  • Login
  • Register
  • Submit Your Content
  • Contact Us
Wednesday, August 21, 2024
World Tribune
No Result
View All Result
  • Home
  • News
  • Business
  • Technology
  • Sports
  • Health
  • Food
Submit
  • Home
  • News
  • Business
  • Technology
  • Sports
  • Health
  • Food
No Result
View All Result
World Tribune
No Result
View All Result

CrowdStrike shares tumble as fallout from global tech outage continues

July 22, 2024
in News
Reading Time: 3 mins read
A A
CrowdStrike shares tumble as fallout from global tech outage continues
0
SHARES
ShareShareShareShareShare

READ ALSO

Brits snap up lower mortgages as BOE cut boosts market

Eli Lilly weight loss drug cuts risk of developing diabetes in trial

George Kurtz, president CEO and Co-Founder at CrowdStrike speaks at the WSJTECH live conference in Laguna Beach, California, U.S. October 21, 2019.

Mike Blake | Reuters

CrowdStrike shares slipped as much as 13% on Monday morning, as the cybersecurity software company continued to help clients across industries recover from an outage that took millions of Microsoft Windows devices offline last week.

Early on Friday, the company issued a defective update to its Falcon vulnerability-protection software that caused PCs, computer servers in data centers and display screens to crash, resulting in grounded flights and canceled medical appointments. The incident ensnared 8.5 million Windows devices, less than 1% of the global total, Microsoft said.

IT staffers quickly worked to fix computers. Meanwhile, hackers sought to take advantage of the confusion by setting up malicious websites that appeared to offer software updates. CrowdStrike CEO George Kurtz addressed the situation on air with CNBC’s Jim Cramer.

CrowdStrike shares fell 11% on Friday, but the fallout was not over yet. Over the weekend, people shared photos on social media of Windows devices displaying the so-called “blue screen of death,” a sign of computers in need of attention from administrators. CrowdStrike said on Sunday that it was testing a method of more quickly fixing affected machines.

Guggenheim Securities downgraded its rating on CrowdStrike shares to neutral from buy on Sunday. Analysts led by John DiFucci said the stock was still trading at “the highest multiple of recurring revenue across our entire software coverage.”

It might take time for CrowdStrike to repair its image, and the fallout will probably hurt signings, the analysts wrote.

“We still have the utmost respect for the leadership team at CrowdStrike and believe that the company will eventually become even stronger as a result of this incident, and if investors have a multi-year horizon, they can ride it out,” they wrote. “However, we find it difficult to tell investors that they need to buy CRWD right now.”

Goldman Sachs maintained their buy rating on CrowdStrike shares in a note issued early Monday. But analysts at the investment bank said they expected CrowdStrike’s deals to take longer to close between the time of the outage and July 31, when the software company’s fiscal second quarter closes.

“Our recent conversations reaffirm our view that there will likely be minimal share shifts in endpoint post this event — although we recognize that additional details in the postmortem will further inform this view, analysts led by Gabriela Borges wrote.

They pointed to a 2010 McAfee outage that caused computer crashes to give a sense of what came before last week’s events. “The revenue impact due to deferrals was about $6 million of deferred revenue not recognized from the balance sheet, and revenue was also negatively impacted by another approximately $14 million,” CEO Dave DeWalt told analysts on a conference call. Intel bought the antivirus company in 2011.

WATCH: Cramer’s Stop Trading: CrowdStrike

CrowdStrike shares tumble as fallout from global tech outage continues

Credit: Source link

ShareTweetSendSharePin
Previous Post

iRobot’s Roomba Combo Essential robot vacuum and mop is on sale for $200

Next Post

Olympic stars test out the anti-sex beds in Paris

Related Posts

Brits snap up lower mortgages as BOE cut boosts market
News

Brits snap up lower mortgages as BOE cut boosts market

August 20, 2024
Eli Lilly weight loss drug cuts risk of developing diabetes in trial
News

Eli Lilly weight loss drug cuts risk of developing diabetes in trial

August 20, 2024
Who is Mike Lynch, UK tech entrepreneur missing in superyacht sinking?
News

Who is Mike Lynch, UK tech entrepreneur missing in superyacht sinking?

August 20, 2024
Global commodities’ biggest winners and losers this year
News

Global commodities’ biggest winners and losers this year

August 20, 2024
Travel is too expensive now — travel demand falls under cost concerns
News

Travel is too expensive now — travel demand falls under cost concerns

August 20, 2024
3 red flags that you and your friend should not travel together
News

3 red flags that you and your friend should not travel together

August 20, 2024
Next Post
Olympic stars test out the anti-sex beds in Paris

Olympic stars test out the anti-sex beds in Paris

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

What's New Here!

This museum in Madrid lets the blind touch and experience the wonders of the world

This museum in Madrid lets the blind touch and experience the wonders of the world

August 8, 2024
CoachCare raises M for RPM and virtual care monitoring platform

CoachCare raises $48M for RPM and virtual care monitoring platform

July 26, 2024
Robinhood and Nvidia lead market plunge amid economic jitters

Robinhood and Nvidia lead market plunge amid economic jitters

August 6, 2024
Yankees soak in awestruck Little Leaguers prior to Tigers game

Yankees soak in awestruck Little Leaguers prior to Tigers game

August 19, 2024
Market sell-off could become ‘self-fulfilling prophecy,’ Morningstar warns

Market sell-off could become ‘self-fulfilling prophecy,’ Morningstar warns

August 6, 2024
New venture firm launches with M to invest in digital health

New venture firm launches with $21M to invest in digital health

August 13, 2024
Britain plans new regulations after setbacks

Britain plans new regulations after setbacks

July 25, 2024

About

World Tribune is an online news portal that shares the latest news on world, business, health, tech, sports, and related topics.

Follow us

Recent Posts

  • Jannik Sinner should be ‘gone for 2 years’ over steroid test: Kyrgios
  • Natural Delights® Celebrates Internal Promotions as Company Continues to Expand
  • We’re Gen Z college dropouts who raised $41.4M for our blockchain startup. Here’s how we did it
  • Wukong breaks Steam’s concurrent single-player record within hours of launch

Newslatter

Loading
  • Submit Your Content
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2024 World Tribune - All Rights Reserved!

No Result
View All Result
  • Home
  • News
  • Business
  • Technology
  • Sports
  • Health
  • Food

© 2024 World Tribune - All Rights Reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In