CrowdStrike (NASDAQ: CRWD) stock plummeted almost 15% in pre-market trading following a massive outage that brought many industries, companies, and businesses worldwide to a standstill.
Following a negative trading day caused by the broader tech sector downturn, CRWD stock dropped 3.35% and closed the latest trading session at $343.05, with losses extending in pre-market.
These losses come after a solid year-to-date performance, which saw CRWD stock rise nearly 40% in 2024.
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What exactly happened to CrowdStrike?
A global outage has disrupted businesses worldwide, affecting banks, airlines, train companies, and supermarkets.
Major U.S. airlines such as American Airlines (NASDAQ: AAL), Delta Airlines (NYSE: DAL), and United Airlines (NASDAQ: UAL) have been grounded, and airports in Germany, Amsterdam, and Spain are experiencing issues.
The cause is unclear, but it may be linked to Microsoft’s (NASDAQ: MSFT) operating systems or a software update from cybersecurity company CrowdStrike, which caused Windows devices to crash.
Ryanair warned of potential disruptions across Europe, and Edinburgh Airport switched to manual boarding pass checks due to the outage.
Stocks were affected as well by the outage
A major IT outage has disrupted operations at global institutions, including central banks, media outlets, and airlines. The crisis has also affected the stock market.
The London Stock Exchange reported that its RNS news service is experiencing a global technical issue, preventing news from being published.
Technical teams are working to restore the service, but it has not affected securities trading or other services at the exchange.
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