CrowdStrike Stock Plummets After Major Outage

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CrowdStrike Holdings Inc. (CRWD) shares closed down 11% on Tuesday after a major outage hit businesses worldwide. The outage, which began on Monday afternoon, disrupted the company's cloud-based security services, leaving many customers without protection.

Quick Response

CrowdStrike responded within an hour of the reported issue, saying it was aware and working on a fix. The company said the outage was caused by a "technical issue" but did not provide further details.

Ongoing Investigation

CrowdStrike is still investigating the cause of the outage. The company said it is working to restore service as quickly as possible and has already taken steps to prevent similar outages in the future.

Stock Performance

The outage has had a significant impact on CrowdStrike's stock price. The company's shares have fallen more than 15% since the outage began. This is a major blow for CrowdStrike, which has been one of the best-performing stocks in the cybersecurity sector over the past year.

Investor Concerns

Investors are concerned about the impact the outage will have on CrowdStrike's business. The company's cloud-based security services are a major source of revenue. If the company is unable to quickly resolve the outage, it could lose customers and market share.