Live news: CrowdStrike cuts full-year guidance after global IT outage

CrowdStrike cut its full-year guidance on Wednesday as the cyber security group released its first financial report since a botched software update took down millions of PCs and servers in a global IT outage.

CrowdStrike said it expected annual revenue to be between $3.89bn to $3.9bn, lower than its previous forecast range of $3.98bn to $4bn.

The new forecast included a $60mn hit to subscription revenue in the second half of the year because of incentives related to a “customer commitment package” following the outage.

CrowdStrike is also facing headwinds from the incident, such as higher discounts for customers and litigation costs.

Still, the group performed well in the second quarter, with revenue growing 32 per cent from the previous year to $964mn, while net income increased more than fourfold.