Microsoft Outage: Turmoil in the world due to the global outage was visible on the market, CrowdStrike shares fell
Microsoft Outage: Businesses around the world were affected by the technical glitch. CrowdStrike makes software to help companies manage their security. Its shares opened with a decline of more than 14% on Friday and closed down about 11%.
CrowdStrike shares closed significantly lower on Friday following a worldwide online outage caused by an update that made businesses around the world needy. CrowdStrike is a cyber firm creating software to help firms manage their security. Its shares opened more than 14 percent down and closed around 11 percent down on Friday.
The company's shares also fell in some of the earlier trading sessions. On Friday, the company's shares were seen falling up to 19% in the pre-opening of the US market. In the last five days, the company's shares have fallen by 17.92%. However, if we talk about the last 12 months, then CrowdStrike's shares have shown tremendous strength. The company's shares have jumped by 118% in the last one year.
After the global outage on Friday, CrowdStrike CEO George Kurtz said that the problem was caused by a "glitch in an update for Windows Host". He clarified that it was not a cyber attack and that it had been identified and fixed. Along with CrowdStrike, Microsoft's Azure cloud services and Microsoft 365 suite of apps were also affected. After that Microsoft shares closed with a decline of 0.76% in the US stock market.
On Friday, the world's pace suddenly came to a halt after a technical fault in CrowdStrike and Microsoft servers. This IT crash became the biggest IT crisis in recent years. Experts are also calling it a pandemic of the digital world. The downing of Microsoft servers affected airlines, banks, TV channels, and financial institutions around the world. According to media reports, due to this IT crisis, about 3 percent i.e. 4295 flights were canceled worldwide. Out of these, 1100 flights were canceled in the US alone. At the same time, more than 1700 Many flights were delayed. Due to this, heavy crowds were seen at airports across the world and passengers also created a ruckus at many places. Due to the downing of Microsoft servers, 95 percent of computers and laptops running on Microsoft's operating system across the world came to a standstill.
Microsoft also said on Friday that most of its cloud services have been restored. It is not yet clear whether this outage is related to the CrowdStrike update or not. The global outage on Friday has made it clear how seriously a single point global outage can affect the supply chain and cause turmoil globally.
