- CrowdStrike says it has regained $30 million in market value as share prices climb
- The company retained 97% of its customers following July 2024 outage
- CrowdStrike says accountability and swift action helped recovery
CrowdStrike has revealed it has succesfully regained much of the market value it lost following the major July 2024 outage affecting its products.
Shares in the company had dropped to a low of $217.89 as a result of a drop in investor confidence, however CrowdStrike has been working hard to rectify that.
Now, shares are approaching $360 as the company begins to restore its market trust, regaining $30 billion in value since the incident.
CrowdStrike recovery
The company says the increase has been mainly helped by customer satisfaction – in the incident’s financial quarter, the company still managed to retain 97% of its customers.
CEO George Kurtz told the Financial Times in an interview: “Customers are staying with us.”
He added: “We had one customer say that broken bones heal stronger and they don’t expect this to reoccur. Conversely, from a competitor standpoint, that hasn’t gone through something like this, there’s probably more risk.”
Despite signs of restoration, CrowdStrike did receive its fair share of criticism, including a $500 million lawsuit by Delta Airlines, one of the hardest affected companies, which saw more than 7,000 flights grounded as part of the widespread outage that broke an estimated 8.5 million Windows servers.
Although the effects were felt globally, SVP Adam Meyers stressed in a hearing that the incident was not the result of a cyberattack, reinforcing the company’s commitment to cybersecurity in a year that saw increasing threats fuelled by generative AI.
The company’s quick reaction and acceptance of accountability also helped to restore confidence. Mauricio Sanchez, senior director of enterprise security and networking research at Dell’Oro Group, said (via Cybersecurity Drive): “Kurtz’s quick apology for a defective software update is rare in cybersecurity – I can’t think of any other case – but reflects a growing trend of corporate accountability.”
The CEO immediately took to a company blog post to “sincerely apologize” for the incident, highlighting the importance of customer and partner trust and confidence.
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