CrowdStrike faced a 30% stock drop due to a software update error leading to an IT outage.
CrowdStrike faced a severe IT outage on July 19, which led to a nearly 30% drop in stock value. This decline, attributed to a software update error rather than a security breach, is viewed as an overreaction. The company boasts strong financials, with Q2 revenue up 32% year-over-year at $963.9 million. In August, the stock rebounded by 20%, as the incident's impact appeared less severe than expected. CrowdStrike aims for $10 billion in annual recurring revenue by fiscal 2031.
September 04, 2024
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