Why CrowdStrike Stock Plunged 40% Last Month
Shares of cybersecurity specialist CrowdStrike Holdings (NASDAQ: CRWD) were down 39.5% during July, according to data provided by S&P Global Market Intelligence. The company went into the month riding high after a strong financial report in June and after being included in the S 500. It closed July 1 at an all-time high only to plunge thereafter due to a costly mistake.
On July 19, U.S. investors awoke to reports of what some experts were calling the largest IT outage ever. While investors were sleeping, CrowdStrike released a defective update to its software that caused Microsoft-based IT systems to go down. The outage was perhaps most notable for airlines, which were forced to cancel and delay flights.
CrowdStrike quickly worked to repair the defective update. But the stock obviously dropped immediately from the negative press. And it has continued to drop because the repercussions are far from over.
Source Fool.com
CrowdStrike Holdings Inc Stock
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