A global tech outage linked to Microsoft’s Azure cloud platform and a software issue at cybersecurity firm CrowdStrike impacted various industries, including airlines, banking, and media.
Bollywood Fever: Companies across multiple industries, including airlines, banking, and media, experienced disruptions on Friday due to a global tech outage tied to Microsoft’s Azure cloud platform and a software issue at cybersecurity firm CrowdStrike.
The outage affected computers running the Windows operating system and CrowdStrike software. CrowdStrike stated that it is working with impacted customers and has deployed a fix for the issue, which originated from an update issued for Windows users.
Key Details About CrowdStrike:
What is CrowdStrike?
CrowdStrike provides cloud-based security solutions to businesses. Its Falcon tool, which was part of the issue on Friday, identifies unusual behavior and vulnerabilities to protect computer systems from threats such as malware. Founded in 2011 and based in Austin, Texas, CrowdStrike operates in more than 170 countries and employed over 7,900 people as of January. The U.S. accounted for nearly 70% of its more than $900 million in revenue for the quarter ended April.
Major Clients and Competitors:
CrowdStrike serves some of the world’s largest tech companies, including Alphabet’s Google, Amazon, and Intel, with about 29,000 customers globally. Its clientele spans several sectors, including retail giant Target, Formula One team Mercedes-AMG PETRONAS, and the U.S. government. CrowdStrike competes with companies such as Palo Alto Networks, Zscaler, and Fortinet.
CrowdStrike’s Stock Performance:
Shares of CrowdStrike fell nearly 12% in premarket trading on Friday. As of Thursday’s close, CrowdStrike had a market value of $83.5 billion, with its stock price up 34% this year, according to LSEG data. In comparison, Palo Alto Networks’ stock has gained about 10% year-to-date, with a market capitalization of $104.87 billion.
The outage highlights the interconnected nature of modern technology infrastructures and the potential widespread impact when key systems face issues.
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