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CrowdStrike, the cybersecurity company behind Friday’s massive global tech outage, was still grappling with the fallout days later — but things are slowly getting back to normal.
“Of the approximately 8.5 million Windows devices that were impacted, a significant number are back online and operational,” the company said in a post on X late Sunday.
CrowdStrike has been playing cleanup after a faulty software update to its flagship product Falcon, used on Microsoft’s Windows operating systems, took devices offline early Friday. The outage sent multiple industries into mayhem, from airlines to hospitals.
Now the company says it’s working with customers to test a new way to speed up fixes to problems like Friday’s outage, and to allow companies to opt-in to the new system.
“We’re making progress by the minute,” CrowdStrike said. “We understand the profound impact this has had on everyone. We know our customers, partners and their IT teams are working tirelessly and we’re profoundly grateful. We apologize for the disruption this has created.”
CRWD stock impact
CrowdStrike stock was down almost 14% in afternoon trading Monday. The stock closed down roughly 11% on Friday, ending the trading day and week at $304.96 per share. That shaved $20 billion off CrowdStrike’s market capitalization, bringing it to to $72.1 billion.
Early Monday, Guggenheim downgraded the IT giant’s stock from buy to neutral . Analyst John DiFucci wrote in a note to investors that “there likely will be negative effects on its business due to the disorder across the world that CrowdStrike has caused, even if temporary,” MarketWatch reports.
But not everyone has been so harsh on the company. Wedbush analysts said Friday that CrowdStrike “remains the gold standard,” despite the outage.
While the IT outage “is clearly a major black eye for CrowdStrike,” and will put its stock under pressure, Wedbush analysts wrote that they still “believe George Kurtz is one of the best tech CEOs in the world and has been front and center this morning in the eyes of the industry, customers, and the broader public.”
Microsoft stock came out of the incident relatively unscathed, rising 0.66% in pre-market trading Monday.