{"id":25631,"date":"2024-07-23T10:30:28","date_gmt":"2024-07-23T07:30:28","guid":{"rendered":"https:\/\/coinengineer.io\/?p=25631"},"modified":"2024-07-23T09:06:43","modified_gmt":"2024-07-23T06:06:43","slug":"crowdstrike-shares-plunge-after-software-glitch","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/crowdstrike-shares-plunge-after-software-glitch\/","title":{"rendered":"CrowdStrike Shares Plunge After Software Glitch"},"content":{"rendered":"<p>Following a faulty software update that resulted in a worldwide computer outage, Monday&#8217;s share prices for American cybersecurity technology company <strong>CrowdStrike<\/strong> kept dropping. Jimmy Su, Chief Security Officer at Binance, notes that the centralized nature of computers suggests such events in the future are probably inevitable.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/crowdstrike-shares-plunge-after-software-glitch\/#CrowdStrike_Shares_Plummet_After_IT_Outage\" title=\"CrowdStrike Shares Plummet After IT Outage\">CrowdStrike Shares Plummet After IT Outage<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/crowdstrike-shares-plunge-after-software-glitch\/#Analysts_Outlook_on_CrowdStrikes_Future\" title=\"Analysts&#8217; Outlook on CrowdStrike&#8217;s Future\">Analysts&#8217; Outlook on CrowdStrike&#8217;s Future<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"CrowdStrike_Shares_Plummet_After_IT_Outage\"><\/span>CrowdStrike Shares Plummet After IT Outage<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>On July 22, stock for <strong>CrowdStrike Holdings Inc. (CRWD)<\/strong> dropped another 13%. The tech stock dropped to $263 in after-hours trading. Since a faulty software upgrade on July 19 resulted in a global IT outage, the company&#8217;s share value has dropped by 30% thus far this month; 23% of it is attributable.<\/p>\n<p>Google Finance shows <strong>CrowdStrike<\/strong> shares hit an all-time high of $392 on July 1, but, since then, they have dropped 33% to their lowest level since early January.<\/p>\n<p>Reportedly benefiting from the company&#8217;s 23% two-day stock price drop\u2014the largest in its history\u2014short sellers made $978 million, said Bloomberg on July 22. With <strong>CrowdStrike<\/strong> the second-most shorted business after Microsoft, the cybersecurity software industry has attracted growing short interest of around $12 billion this year.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Analysts_Outlook_on_CrowdStrikes_Future\"><\/span>Analysts&#8217; Outlook on CrowdStrike&#8217;s Future<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Following the incident, analysts have discounted <strong>CrowdStrike&#8217;s<\/strong> stock and decreased price estimates.<\/p>\n<p>&#8220;<em>We find it difficult to tell investors that they need to buy CRWD right now<\/em>,&#8221; wrote Guggenheim analysts headed by John DiFucci in a July 21 note.<\/p>\n<p>Guggenheim deleted its $424 price objective on CRWD, although it added the company &#8220;<em>will eventually become even stronger as a result of this incident<\/em>.&#8221;<\/p>\n<p>Notwithstanding the setback, many Wall Street analysts remain positive about the company long-term; their average price objective points to a 40% increase from present levels.<\/p>\n<p>&#8220;<em>While many traditional industries such as banking, healthcare, and airlines were affected by the software outage, key blockchain and crypto networks continued to run normally due to their distributed nature<\/em>,&#8221; said Jimmy Su. He noted that the last outage of the Bitcoin network was about 4,150 days ago, or more than 11 years without any disruptions.<\/p>\n<p>&#8220;<em>Because the nodes are independent of each other and interchangeable, it doesn&#8217;t matter if 5% or 15% of them fail; the network will remain fully functional<\/em>,&#8221; he remarked before closing.<\/p>\n<p><em>\u201cAs long as the bulk of the world\u2019s interconnected and interdependent computer systems rely on a centralized, single-point-of-failure architecture, we are likely to experience similar incidents.\u201d<\/em><\/p>\n<p>&nbsp;<\/p>\n<p><em class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/t.me\/coinengineernews\" target=\"_blank\" rel=\"noreferrer noopener nofollow\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\"><strong class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">Telegram,\u00a0<\/strong><\/a><a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/www.youtube.com\/@CoinEngineer\" target=\"_blank\" rel=\"noreferrer noopener nofollow\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\"><strong class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">YouTube<\/strong><\/a>,\u00a0and\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/twitter.com\/coinengineers\" target=\"_blank\" rel=\"nofollow noopener\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\"><strong class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">Twitter<\/strong><\/a>\u00a0channels for the latest\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" title=\"News\" href=\"https:\/\/coinengineer.net\/blog\/news\/\" data-internallinksmanager029f6b8e52c=\"7\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">news<\/a> and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Following a faulty software update that resulted in a worldwide computer outage, Monday&#8217;s share prices for American cybersecurity technology company CrowdStrike kept dropping. Jimmy Su, Chief Security Officer at Binance, notes that the centralized nature of computers suggests such events in the future are probably inevitable. CrowdStrike Shares Plummet After IT Outage On July 22,<\/p>\n","protected":false},"author":6,"featured_media":25491,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[7529,7565],"class_list":["post-25631","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-crowdstrike","tag-crwd"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>CrowdStrike Shares Plunge After Software Glitch - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/crowdstrike-shares-plunge-after-software-glitch\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CrowdStrike Shares Plunge After Software Glitch - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"Following a faulty software update that resulted in a worldwide computer outage, Monday&#8217;s share prices for American cybersecurity technology company CrowdStrike kept dropping. 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